BDC pumps EGP3bln into corporate funding during Q1 2019

Egypt’s state-run lender Banque du Caire has pumped 3 billion Egyptian pounds ($173.3 mln) into corporate funding including the syndicated loans during the first quarter of 2019, Amr El Shafei, Executive Vice Chairman.

He further told Amwal Al Ghad  the corporate funding portfolio has recorded 47.6 billion pounds by the end of first quarter of 2019 including direct balances of 39 billion pounds.

He added that BDC is currently studying the possibility of participating in financing some major projects, in addition to new projects in different sectors including manufacturing, real estate development and petrochemicals.

However, BDC posted unprecedented profits in 2018, whereas the financial results showed a rise in the  profits  before taxes recording 3.9 billion pounds compared to 2.3 billion pounds a year earlier.

Moreover, The net profit after taxes increased to 2.5 billion pounds compared to  800 million pounds during the same period of 2017 with  a growth rate exceeding 200%. The bank’s financial position continued to grow, reaching total assets of  165.7 billion pounds, with an increase of 13% when compared to 2017.