Banque Du Caire Registers EGP900mn Profits in August

Big 5

Senior Sources in Banque Du Caire said the bank has attained EGP900 million profits at the end of last August against EGP700 million at last June.

In statements to Amwal Al Ghad, sources expected that the bank’s profits will surge to EGP1.7 billion by the end of the current year against EGP1.042 billion in 2013.

The bank has attained good financial results after the crisis which it faced in 2010 as the country went to sell it but it decided to continue the bank’s ownership to the country through Misr Financial Investments Company (MFIC) which fully owned by Banque Misr.

Banque Du Caire’s Board of Directors is aiming seizing 7% market share within the next 3 years.

The sources noted that the bank attained good profits since it took over the current management so the profits boosted from EGP40 million in 2011 to EGP830 million in 2013 and then from EGP10.44 billion in 2012, move up by 25.7% growth rates.

MFIC rejected detention profits of 2013 so as to support capitalization base of the bank along with increasing the bank’s capital from EGP1.6 billion to EGP2.850 billion.

The retail loan portfolio reached TO egp12.3 billion at the end of 2013, registering 30% growth rates, personal loans are EGP11.2 billion with 30% increase in growth rates in compared to 2012 and with 28% market share.