Banque du Caire has reported that its profits before taxes increased to EGP 4.8bn in the third quarter (3Q) of 2022, compared to EGP 4.3bn in 3Q 2021, with a growth rate of 11%, while its net profits increased to EGP 2.9bn from EGP 2.7bn, with a growth rate of 7%. The bank said, in a statement Monday, that its net revenues amounted to EGP 9.2bn in September 2022, compared to EGP 7.7bn in September 2021, with a growth rate of 19%. The bank also recorded a 21% increase in net income from fees and commissions to EGP 1.7bn, compared to EGP 1.4bn, which led to a 19% growth in operating revenues to EGP 11.3bn, compared to EGP 9.5bn. Tarek Fayed, Chairperson and CEO of Banque du Caire, said that the bank's positive growth reflects the success of its business plan which is based on diversifying its banking services and increasing the size of its loan and deposit portfolios. Fayed stressed that the bank continues to invest in developing its infrastructure as well as its technological and human resources, to which the bank has been giving great attention since 2018 with the aim of providing the best level of banking services to its customers. He noted that the bank's capital expenditures amounted to EGP 4.6bn from 2018 to 2022. According to the business results of the bank, the capital adequacy ratio reached 15%, and the bank achieved a return on average equity of 18.5%. The total assets amounted to EGP 297bn, compared to EGP 255bn in 2021, a growth rate of 16%. According to business performance indicators, the individual loan portfolio increased by about EGP 19bn to EGP 129bn in September 2022, a growth rate of 17%. The corporate loan portfolio increased to about EGP 63.3bn in 3Q 2022, compared to EGP 54.4bn in 2021, with a growth rate of 16%. The small and medium enterprises (SMEs) financing portfolio reached EGP 15.6bn in September 2022, compared to EGP 11.7bn in 2021, a growth rate of 33%. The retail loan portfolio increased by about EGP 5.1bn, at a growth rate of 13% compared to 2021, bringing the total portfolio to about EGP 43.5bn in 3Q 2022. The bank's micro-loan portfolio increased to about EGP 6.63bn in 3Q 2022, compared to EGP 5.58bn in 2021, with a growth rate of 19%, which led to an increase in the number of the portfolio's clients by about 16.3% during the period, with 104,000 new loans granted. With regard to the customer deposits portfolio, it achieved a growth of EGP 37.5bn at a rate of 19%, rising from EGP 198.3bn in December 2021, to EGP 235.8bn in September 2022. The mobile and internet banking services also witnessed a boom in the number of subscribed customers during the third quarter of 2022, reaching about 419,000 customers, with a growth rate of 62%, and the growth rate of the "Cairo Cash" customer base reached 10% in 3Q 2022, compared to 2021. The total number of credit cards issued by the bank in 3Q 2022 amounted to about 172,000, an increase of 8%, with an estimated balance of EGP 892m, which also increased by 30% compared to 2021. Meanwhile, the number of debit and prepaid cards reached 2.7 million cards in 3Q 2022. The bank's ATM network reached 1,640 ATMs nationwide, while its branch network includes 248 branches.
