CAO endorses Banque Du Caire’s Business Results of 2013

Central Auditing Organization (CAO) has endorsed the business results of Banque Du Caire of the end fiscal year in December 2013.

Chairman of the Bank’s Board of Directors Mr. Mounir El-Zahed said the bank obtained the final adoption from CAO for its business results of the last year, rejecting to unveil the volume of the profits in which attained by the bank’s general assembly.

Speaking to Amwal Al Ghad, El-Zahed  explained that the bank is in its process for sending these results to the Central Bank of Egypt (CBE).

An official source in the bank noted that the bank succeeded in attaining growth rate ranging between 15-20% profits in the last year.

The bank achieved EGP1.4 billion gross profits at the end of 2012.

Banque Du Caire eyes addressing Misr Financial Investment Company (MFIC) for full-year profits detention with the aim of strengthening  the bank’s  capital base and increase it as it has EGP1.6 billion during the current period.

It is expected that the bank attains 28% profits in the first half of this year.

The bank’s credit portfolio will reach up EGP27billion at the end of the first quarter of this year including 45% personal loans and EGP59 billion deposits at the end of last March.