Banque du Caire H1 net profit grows 41%

Egypt’s third largest public state-lender, Banque du Caire (BdC) reported on Wednesday a 41 percent year-on-year growth in net profit for the first half of the year.

Net profit recorded 2.6 billion Egyptian pounds ($84.1 million) throughout the six months to June 2023, up from 1.8 billion pounds in the same period last year.

Profit before taxes surged to 4.4 billion pounds in the first half of 2023, around 45 percent up from 3.1 billion pounds in the first half of 2022, driven by burgeoning banking activities.

Net interest income posted a 35 percent year-on-year growth to 8 billion pounds in the first half of 2023, from 5.9 billion pounds in the same period last year, the bank added in its financial statements.

Customers’ deposits grew by 22 percent to 305 billion pounds at the end of June 2023, from 250 billion pounds at the end of December 2022.