The Banking The Banking Executive Magazine - June 2024 Issue

Banque du Caire Banque du Caire REPORTS 129% NET PROFIT GROWTH IN Q1 2024, REACHING EGP 2.4BN Banque du Caire achieved remark- able growth in net profits during the first quarter of 2024, recording a substantial increase of approxi- mately 129%. The net profit for Q1 2024 reached EGP 2.4bn, com- pared to EGP 1bn in the same pe- riod of 2023. Additionally, pre-tax profits surged to EGP 3.6bn, mark- ing a growth rate of 93%. Tarek Fayed, the bank’s chairperson, attributed this outstanding perform- ance to several key factors. Notably, Banque du Caire maintains a high- quality asset portfolio, strong finan- cial solvency, and liquidity. Furthermore, the bank’s commit- ment to digital transformation since 2018, coupled with its diverse expe- riences, contributed significantly to its success. The positive results were evident across various financial metrics. Net income from returns increased sub- stantially to EGP 6.4bn during Q1 2024, compared to EGP 3.9bn in the same period last year—an im- pressive growth rate of 61%. Net in- come from fees and commissions also saw substantial growth, reach- ing EGP 1.3bn (compared to EGP 0.8bn), with a growth rate of 57%. Overall operating revenues surged to EGP 7.8bn, up from EGP 4.9bn, representing a growth rate of 59%. Fayed emphasized that these re- markable achievements stem from Banque du Caire’s ambitious vision for the future and its integrated, sus- tainable institutional strategy. As a testament to its robust perform- ance, the bank maintained a strong capital base and financial position. The combined capital adequacy ratio stood at an impressive 15.78%. Additionally, the bank increased its capital to EGP 20.5bn, with an ad- ditional EGP 1.5bn contributed by the main shareholder after approval by the Extraordinary General As- sembly. This capital infusion aims to further support operational excel- lence and achieve continued finan- cial success in the banking sector. The bank also achieved an impres- sive 11% growth in total assets, reaching EGP 446bn, compared to EGP 402bn in 2023. This growth was supported by balanced expan- sion across all business sectors. Ad- ditionally, the bank achieved a return on average assets of 2.2% (compared to 1.2% in March 2023) and an increased return on average the BANKING EXECUTIVE 16 ISSUE 186 JUNE 2024