Banque du Caire achieved remarkable growth in net profits during the first quarter of 2024, recording a substantial increase of approximately 129%. The net profit for Q1 2024 reached EGP 2.4bn, compared to EGP 1bn in the same period of 2023. Additionally, pre-tax profits surged to EGP 3.6bn, marking a growth rate of 93%.
Tarek Fayed, the bank’s chairperson, attributed this outstanding performance to several key factors. Notably, Banque du Caire maintains a high-quality asset portfolio, strong financial solvency, and liquidity. Furthermore, the bank’s commitment to digital transformation since 2018, coupled with its diverse experiences, contributed significantly to its success.
The positive results were evident across various financial metrics. Net income from returns increased substantially to EGP 6.4bn during Q1 2024, compared to EGP 3.9bn in the same period last year—an impressive growth rate of 61%. Net income from fees and commissions also saw substantial growth, reaching EGP 1.3bn (compared to EGP 0.8bn), with a growth rate of 57%. Overall operating revenues surged to EGP 7.8bn, up from EGP 4.9bn, representing a growth rate of 59%.
Fayed emphasized that these remarkable achievements stem from Banque du Caire’s ambitious vision for the future and its integrated, sustainable institutional strategy.
As a testament to its robust performance, the bank maintained a strong capital base and financial position. The combined capital adequacy ratio stood at an impressive 15.78%. Additionally, the bank increased its capital to EGP 20.5bn, with an additional EGP 1.5bn contributed by the main shareholder after approval by the Extraordinary General Assembly. This capital infusion aims to further support operational excellence and achieve continued financial success in the banking sector.
The bank also achieved an impressive 11% growth in total assets, reaching EGP 446bn, compared to EGP 402bn in 2023. This growth was supported by balanced expansion across all business sectors. Additionally, the bank achieved a return on average assets of 2.2% (compared to 1.2% in March 2023) and an increased return on average equity of 28.5% (compared to 17.6% in March 2023).
The bank’s strong performance indicators were evident in its operational efficiency improvements. The cost-to-income ratio declined from 38.6% in March 2023 to 30.8% in March 2024. Banque du Caire continued to invest in infrastructure and increased spending, particularly in technology and human resources.
Customer deposits at the bank saw a 4% growth, rising to EGP 312.9bn in March 2024 (compared to EGP 302.1bn in December 2023). Individual deposits accounted for approximately 54% of the total deposits, reaching EGP 169.2bn, while institutional deposits increased by about 46%, reaching EGP 143.7bn.
The total balance of customer and bank loans also grew, reaching EGP 197.1bn in March 2024 (compared to EGP 179.8bn in 2023). This represents a 10% growth rate, resulting in a loan-to-deposit ratio of approximately 63%.
According to the bank, loans from major companies and banks increased by EGP 11.5bn, reaching approximately EGP 92.9bn in the first quarter of 2024 (compared to EGP 81.4bn in December 2023), with a growth rate of 14%. The balance of small and medium enterprises loans reached EGP 25.7bn, reflecting an increase of EGP 1.7bn (a growth rate of 7%). Additionally, financing for micro-enterprises reached EGP 11.1bn, up from EGP 10.5bn, representing a 6% growth.
Meanwhile, the retail banking portfolio of Banque du Caire reached EGP 67.4bn, compared to EGP 63.9bn previously. This represents an increase of EGP 3.5bn, with a growth rate of 5%.
In the first quarter of 2024, the credit card portfolio stood at EGP 2bn, reflecting a growth rate of 17% compared to the end of 2023 (when it was EGP 1.8bn). The bank saw an increase in the number of debit, prepaid, and credit cards across all types, totalling 3.6 million cards.
Banque du Caire issued more than 468,000 prepaid cards in collaboration with Telda in Q1 2024. These cards allow users to transfer money and manage their daily expenses.
The Qahera Cash wallet facilitated 1.3 million transactions, totalling EGP 2.7bn. Additionally, approximately 229,000 wallets were created for merchants.
The bank operates 11,200 electronic points of sale (POS), handling transactions worth EGP 714m.
Banque du Caire operates 249 branches and banking units, along with approximately 1,670 ATMs. These channels facilitated 17 million transactions, amounting to EGP 41bn.
The bank is committed to accessibility, with 10% of its ATMs designed to serve customers with special needs. Plans are underway to increase this percentage to 20% in 2024.
In Q1 2024, Banque du Caire attracted 80,000 new customers. Among these, women constituted 45% of the total customer base, while young people aged 16 to 35 accounted for approximately 57%. Overall, the bank’s individual customers reached 4 million during this period.
