Egypt - Banque du Caire reported a net profit of EGP 6.7bn in 2023, a significant increase from EGP 3.1bn in 2022, marking a 112% growth rate. The bank’s total assets also saw a substantial rise, growing by 25% to reach EGP 402bn.

The Chairperson and CEO, Tarek Fayed, highlighted the bank’s robust performance, with pre-tax profits soaring to EGP 11bn from EGP 5.6bn the previous year, a 96% growth. He attributed these results to the bank’s strategic vision and sustainable practices, which have solidified its leadership in the sector.

Net income from returns climbed to EGP 17.8bn at the year’s end, up from EGP 12.8bn in 2022, reflecting a 39% growth. Similarly, net income from fees and commissions rose to EGP 3.9bn, up from EGP 2.5bn, a 58% increase. These gains contributed to operational revenues of EGP 22.2bn, a 41% increase from EGP 15.8bn.

The bank’s consolidated capital adequacy ratio stood at 17.35%, and the return on average assets improved to 1.8%, up from 1.1%. The return on average equity jumped to 24.1%, a significant rise from 15.1%, while the cost-to-income ratio decreased to 36.68%.

Fayed disclosed that the bank’s capital expenditures totaled approximately EGP 5.3bn from 2018 to the end of 2023.

Customer deposits surged to EGP 302.1bn, a 21% growth, with individual deposits making up 54% and institutional deposits 46%. The total loan portfolio expanded by EGP 39.3bn to EGP 179.8bn, a 28% increase, with the loans-to-deposits ratio at 59.52%.

Loans to large corporations and banks grew by EGP 14.4bn to EGP 81.4bn, a 21% increase. The small and medium-sized project finance portfolio reached EGP 24bn, a 25% growth, and the micro-projects portfolio expanded by EGP 3.3bn, a 45% increase.

The retail banking portfolio grew to EGP 63.9bn, a 36% increase, and the investment portfolio in stocks and funds rose to EGP 4.8bn, a 20.7% growth. This growth is partly due to the bank’s expansion in Uganda and additional capital infusions of approximately EGP 49m into Cairo Leasing Company.

The bank also contributed 20% to the capital of Misr Company for Managing Investment Funds, while 10% of the capital of Herasat for Security Services was sold to the Agricultural Bank of Egypt to expand the company’s shareholder base and develop its business.

The bank continued its efforts in community development by supporting various vital sectors.

As a culmination of its successive achievements throughout 2023, the bank received numerous awards and advanced rankings from leading global evaluation institutions that set specific standards and criteria for selecting the best institutions worldwide.

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