Egypt gears up to host Barcelona Convention COP24 on Mediterranean Pollution in December    Egypt implements EGP 12.7bn water, wastewater projects in Northwest Coast in 2024    Egypt to host inaugural AI Everything Middle East & Africa Summit in February 2026    Norway's wealth fund investments in Israel dominate election, could decide government    Egypt's military production, petroleum ministries drive projects to boost citizens' economic gains    Egypt backs UN plan for Libyan elections within 12-18 months    South Korea's Lee in Japan for talks ahead of crucial Trump meeting    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Net profit of Banque du Caire reaches EGP 1.218bn in Q1 of 2019
Good results always push us to continue development, says Fayed
Published in Daily News Egypt on 27 - 06 - 2019

The financial results of Banque du Caire during the first quarter (Q1) of this year showed that the bank recorded a profit of EGP 1.5bn, before taxes, compared to EGP 921m in Q1 of 2018.
The bank's net profit after taxes rose to EGP 1.2bn against EGP 407m in the comparison period, a growth of over 200%.
The bank's financial position continued to record positive new growth indicators, bringing the total assets to EGP 176bn in Q1 of 2019, an increase of 5% compared to December 2018.
The bank's total loan portfolio rose by EGP 3.3bn to EGP 69bn, an increase of 5% compared to 2018, ranging between the corporate loan portfolio, which grew to 4.8%, and the retail banking portfolio, which grew 5.1% and the small and medium-sized loan portfolio which achieved growth of 8.5%.
The deposit portfolio increased by EGP 7bn to reach EGP 138bn, an increase of 5% compared to December 2018.
According to the bank's performance indicators, the bank's net income increased by 58%, compared to Q1 of 2018, to reach EGP 2bn in Q1 of 2019.
The net margin of return increased to 5.2% on average in Q1 of 2019, compared to 3.9% in Q1 of 2018. Net income from fees and commission increased by 53% to EGP 333m.
The Q1 of 2019 witnessed an improvement in the bank's efficiency rate, which measures administrative expenses on the net revenues of the activity, reaching 35.5%, compared to 44% in Q1 of 2018.
Chairperson and CEO of Banque du Caire, Tarek Fayed, said that the results achieved by the bank during Q1 of 2019 are a continuation of the positive results achieved by the bank in 2018.
He added that these results were achieved following the implementation of the bank's integrated development plan, which represents a major turning point in the bank's strategy at all work levels, foremost of which is the development of IT systems and operations and the centralisation of the banking services to become more efficient, along with the development of the bank's branches across Egypt and abroad.
Fayed stressed that the credit of these achievements is due to the employees of Banque du Caire, who represent the real wealth. He pointed out that the bank pays great attention to developing their skills and raising their efficiency through various training programmes, especially those related to the use of the latest technological and digital means, in addition to hiring distinguished expertise to achieve an advanced position in the market commensurate with the size and prestige of the bank.
In the same context, Banque du Caire succeeded in launching several initiatives in the area of social responsibility over the past years aimed at achieving sustainable development in various sectors, primarily training, employment, job creation, education, health, nutrition, medical and scientific research, as well as village development initiatives, convoys, and initiatives to empower women, youth, and others.
According to Fayed, the strategy of Banque du Caire focuses on taking into account the social dimension in all policies and procedures.
In April 2019, Banque du Caire announced the launch of the bank's new identity and brand, which represents a new era in the bank's history, reflecting the sophistication and innovation of its policies.
According to Fayed, the focus of the bank's development is on building a strong infrastructure, the implementation of internet projects, mobile banking for companies and individuals, developing electronic products, and launching new banking products and services, with plans to open 30 new branches with the new identity.
In recognition of its achievements, Banque du Caire has received numerous awards from international institutions, including the Best North African Joint Loan and the Best Financing Award in 2018 from the EMEA Finance. The International Finance Magazine also announced that Banque du Caire was named the Best Bank in International Banking in 2019.


Clic here to read the story from its source.