Banque Du Caire Achieves EGP201 Mln Post-Tax Profit In Q1: Chairman
Mounir El-Zahed, chairman of Banque Du Caire, has affirmed what Amwal Al Ghad published about the bank’s financial results. The bank posted pre-tax profit of EGP 400 million in the first quarter of the current year, up from EGP 65 million in 2011, with an increase of 515%.
El-Zahed told Amwal Al Ghad that the bank’s general assembly approved last Monday the financial statements in which it achieved EGP 201 million as post-tax net profit, up from EGP 44 million in 2011, with an increase of 354%. The Central Auditing Organization asked the bank to set aside provisions in 2011 and the general assembly deducted such provisions from the profit posted in Q2.
Banque Du Caire is expected to be ranked the third or the fourth among banks in Egypt according to its profit and return on equity and assets.
The bank has posted high profit because of restructuring the bank’s administration and retail banking products, in addition to expanding in offering corporate loans and syndicated loans which boosted the bank’s profit, El-Zahed explained.
In addition, harmony among employees has highly affected the bank’s performance as the human factor is a key success factor for institutions, El-Zahed affirmed.
The bank targets to build an integrated system so as to regain its market share to 5% in the next two years, while its current market share swings from 3% to 3.5%. This will be through well-studied expansion in vital banking sectors with the help of the bank’s growth rates.
Banque Du Caire also focuses on financing small and medium enterprises (SMEs) which represent the backbone of the national economy. The bank targets to increase its portfolio of SMEs finances to EGP 8 billion within three years, up from EGP 600 million which were offered to 250 customers. The bank will provide SMEs with a continuous credit line.
The bank adopts an ambitious plan to expand in offering retail banking products through developing such products such as the bank’s car loan which seizes 20% of the market share and the loans offered to state’s employees which seizes 30% of the market share.
