Banque Du Caire achieved a growth of 41% in net profits during the first half of 2023 (1H 2023), to reach EGP 2.6bn, compared to EGP 1.8bn in the first half of 2022. The bank's profits before taxes amounted to EGP 4.4bn, compared to EGP 3.1bn, with a growth rate of 45%. The financial statements reveal that net income from returns increased to EGP 8bn, up from EGP 5.9bn, representing a growth rate of 35%. Furthermore, net income from fees and commissions rose to EGP 1.8bn, up from EGP 1.1bn, with a growth rate of 62%. These factors led to operational returns rising to EGP 10.2bn, up from EGP 7.4bn, resulting in a growth rate of 38%. "Our business results in H1 2023 reflect outstanding performance on both operational and financial levels," said Tarek Fayed, Chairperson and CEO of Banque du Caire. Fayed elaborated on the bank's unique features that enable it to achieve expansion goals in various areas, as evidenced by its positive business indicators over the past years. He emphasized that investing in infrastructure is a fundamental pillar that any organization aspires to, as it greatly contributes to overall stability and sustainable growth. Fayed highlighted that Banque du Caire continues to invest in infrastructure and increase spending, especially in technology and human resources, as a firm believer in this principle. Fayed also disclosed that the bank's capital expenditures from 2018 until the end of June 2023 amounted to EGP 4.8bn. The bank's business results also showed continued improvement in operational efficiency indicators, as evidenced by the decline in the cost-to-income ratio from 43.5% in H1 2022 to 39.2% in H1 half 2023. The bank maintained its capital adequacy ratio at 15.40%, while achieving 26% growth in total assets, reaching EGP 406bn at the end of June 2023, compared to EGP 322bn at the end of December 2022, supported by balanced growth for all business sectors. Customer deposits at the bank increased by about EGP 55bn at a growth rate of 22%, reaching EGP 305bn by the end of June 2023, compared to EGP 250bn by the end of December 2022. The total balance of customer and bank loans increased by EGP 20.4bn, reaching EGP 160.9bn, compared to EGP 140.5bn, with a growth rate of 14%, bringing the ratio of loans to deposits to about 53%. The balance of loans of large companies at the bank increased to EGP 79.6bn, while the size of the financing portfolio for small and medium enterprises reached EGP 18.6bn, and EGP 8.5bn for micro-enterprises. The retail banking portfolio recorded EGP 54bn. Banque du Caire achieved an 11% increase in the number of individual credit cards of various types and a 23% growth rate in their balance, bringing the total size of the portfolio to EGP 1.2bn. The bank also experienced a 10% increase in the number of debit and prepaid cards of all types, bringing the total number of cards to about 3.2 million. The number of transactions using the bank's electronic wallet reached 1.6 million, with a total transaction value of EGP 2.3bn. The number of "Cairo Cash" wallets for merchants reached 225,000 by the end of June 2023, while the number of customers subscribed to mobile banking and internet banking services reached 619,000 customers by the end of June 2023, a growth of 23%. Banque du Caire owns 1,671 ATMs covering all governorates of the country, bringing the total number of transactions through these ATMs to about 32 million, worth EGP 65bn. The bank is also expanding its network of 249 branches and banking units. The bank successfully attracted about 109,000 new customers by the end of the second quarter of 2023, bringing the number of individual customers to 3.7 million.
