Banque Du Caire Says Letters of Credit Surged by $413 mln Sept-End

Letters of Credit numbers which issued by Banque Du Caire have reached around 280 worth $413 million at the end of last September 2013.

An official source in the bank has informed Amwal Al Ghad that the bank did not stop to open letters of credit in favor of the governmental bodies , despite the US dollar liquidity crisis.

The source said the bank is financing many sectors including foodstuffs , spare parts, iron and construction processes .

The source added that his bank has made 3900 processes within 2012, including letters of credit, Import messages worth $1.3 billion which reflecting on the bank’s secure US$ dollar liquidity.

The source has pointed out that in spite of lower needs for the Egyptian General Petroleum Corporation(EGPC) to import oil products because of  the aids which it obtained from Arab Countries, the bank has succeeded to employ the liquidity which is owning by many other sectors.

The source has explained that the reporters abroad did not ask for enhancing letters of credit which issued by the bank under low credit rating since 25th January Uprising .

The bank is aiming to achieve  total profits up EGP 1.5 billion by the end of 2013, against EGP 830 million in 2012, in addition, the net return on equity surged by 27.5% in the same period.

The results of the Bank’s business have revealed that the bank exceeded the targeted period for the total profits worth EGP 438 million, whereas the actual net profit in this period exceeded around EGP 405 million, it is scheduled to take the final approve of the budget in the next meeting of the General Assembly after it approved by Central Auditing Organization(CAO).