Banque Du Caire Targets 200% Profit Growth For 2012

Banque Du Caire aims at achieving 200% growth in its profits in the current year, according to the banks’ estimated budget for 2012, sources told Amwal Al Ghad.

The Bank expected achieving EGP 350 million profits in 2012 through expanding in financing micro, small and medium enterprises, in which the lender excels, as well as in retail banking and providing credit to companies.

Sources added that Banque Du Caire’s portfolio has not bad debts as they were transferred earlier to Banque Misr during the former’s sale procedures which did not complete.

Monir El-Zahed, chairman of Banque Du Caire, has laid down the general 3-year strategy, sources added. The estimated budget was laid down for the first time by all executive managers at the Bank.

Bank’s strategy includes an ambitious plan to expand in the Egyptian market, promote its performance and boost its market share so as to be from the five big banks and to boost return on equity and assets.

The estimated budget also aims at opening 6 more branches to reach 242 branches across Egypt.