Banque du Caire achieved net profits of EGP 8.6bn in September 2024, representing a 90% growth compared to September 2023. Operating income exceeded EGP 25bn. This strong performance was driven by improved results across various sectors, notably retail, treasury, corporate lending, and small and medium-sized enterprises (SMEs).
According to the bank’s statement, loan yields and similar income reached EGP 49.1bn in September 2024, a 38% increase from September 2023. The cost of deposits and similar income increased by 25%, resulting in a 62% growth in net interest income.
Net income from fees and commissions rose to EGP 4.2bn, compared to EGP 2.8bn, a 51% increase. Operating income reached EGP 25.1bn, up from EGP 15.7bn, a 60% growth, leading to a decrease in the cost-to-income ratio to 32% from 38%.
Administrative expenses increased by EGP 8bn in September 2024, a 34% growth compared to September 2023. This increase is primarily attributed to higher performance-related costs reflecting improved returns and continued investment and business growth.
The bank reported a 19% increase in total assets, reaching EGP 478bn in September 2024, compared to EGP 402bn at the end of December 2023.
The bank’s loan portfolio stood at EGP 216bn, a 20% growth during the first nine months of 2024. This growth was driven by an EGP 18bn (19%) increase in corporate loans and an EGP 10bn (14%) increase in individual loans.
Customer deposits increased by EGP 45bn to reach EGP 347bn, a 15% growth in September 2024, compared to EGP 302bn at the end of December 2023. Individual customer deposits accounted for 53% of total deposits, while corporate and institutional deposits comprised 47%.
Non-performing loans (NPLs) amounted to 4.79% of the total loan portfolio. The coverage ratio for NPLs was 148%, with loan loss provisions totalling EGP 15.3bn.
The bank’s Tier 1 capital adequacy ratio was 12.54% of risk-weighted assets in September 2024, and the total capital adequacy ratio was 16.32%. Liquidity ratios remained above regulatory requirements, with domestic currency liquidity at 29% and foreign currency liquidity at 109% in September 2024. The Net Stable Funding Ratio (NSFR) was 167%.
