Banque Du Caire Pays EGP 500 Mln Taxes In 2012

Banque Du Caire will pay about EGP 500 million taxes in 2012 as the bank achieved good profits in the current year, sources said.

The bank awaits the Central Auditing Organization’s approval of its profits so as to be able to pay the taxes. The bank’s net profit will post about EGP 790 million in 2012, after deducting taxes and allocating provisions needed to avert possible risks. The bank will pay 20% taxes on its investments in treasury bills and bonds as well as 20% taxes on net profit.

The bank achieved net profit of about EGP 614 million during the first nine months of 2012, compared to EGP 392 million in Q2, EGP 201 million in Q1 and EGP 44 million in 2011. The bank’s net profit grew by 1295% during the first nine months of 2012.

Sources expected Banque Du Caire to acquire an advanced position among banks in Egypt in terms of profit, return on equity and return on assets in 2012.

The bank has allocated provisions to face potential risks that may threaten some customers in the current period because of the current political unrest, sources added.

The bank’s three-year term strategy aims at regaining its market share to stand at 5% in the next two years, up from the current market share which swings from 3.5% to 4% through expanding in key sectors which achieve high growth rates.

Banque Du Caire pays high regard in financing SMEs which represent the backbone of national economy. The bank plans to increase the value of SME finance portfolio to EGP 8 billion in three years, compared to EGP 600 million which was offered to 250 customers. The bank will fulfill such goal through a number of mechanisms mainly through offering customers a continuous line of credit.