Bank Du Caire achieves profits of LE 3 billion



Thu, 08 Jun 2017 - 06:32 GMT


Thu, 08 Jun 2017 - 06:32 GMT

Banque Du Caire- Wikimedia commons

Banque Du Caire- Wikimedia commons

CAIRO – 8 June 2017: The profits of Banque Du Caire surpassed LE3 billion in 2016 compared to LE2.8 billion in 2015, Youm7 reported on Wednesday. The bank has managed to achieve profit growth five years in a row.

The bank’s net profits recorded LE2.2 billion achieving a revenue of 50 percent on property rights which is the highest in Egypt’s banking industry as the bank’s net income grew to LE 5 billion in 2016 compared to LE 3.9 billion in 2015.

The bank’s CEO Mounir El Zahed said to Egypt Today on Wednesday that the bank will continue implementing a bundle of policies and measures pertinent to developing the bank’s activities and sharpening its competitiveness, as well as setting regulations on product offerings. The bank aims to maximize its role in growing the economic activity and fulfilling the clients’ needs.

El Zahed stressed that what distinguishes the profits of Banque Du Caire is that they are operating revenues from newly diversified portfolios.

El Zahed stated that high profit rates are the outcome of the rise in transactions which had increased the assets by LE 40 billion summing up to LE 131 billion in 2016 compared to LE 91 billion in 2015. Investment returns on earning bank assets reached two percent due to new strategies adopted by the bank.

El Zahed said that the loan portfolio value is LE 45 billion which is higher than its value in 2015 by LE 10 billion. The increase is due to simplifying procedures at the branches, and quick service which attracted more customers including big organizations. This is in addition to the expansion in small loans.

The deposit portfolio grew by 37 percent from LE 78 billion to LE 107 billion by the end of 2016 because the bank issued a varied package of innovative products in local and foreign currencies which matches the different customers’ needs. The ratio between deposit rates and lending rates is 42 percent.

The bank’s net profit from its initial activity represented in net revenues and commissions LE 5.8 billion compared to LE 4.7 billion in 2015 due to the increase in loan turnover, bonds, revenues of T-bonds, and deposits at banks.

Banque du Caire is engaged in social responsibility activities such as developing and equipping 13 public and university hospitals all over Egypt.
Furthermore, the bank funded medical research projects on chronic diseases, and anti-hepatitis C campaigns.

The bank also contributed to developing poor villages in Upper Egypt by providing housing, establishing medical units and schools, introducing water supply in residences, and training residents in different crafts. The bank has been involved in other charity work as well.



Leave a Comment

Be Social