Banque du Caire aims to achieve EGP 2.7n in profits by the end of 2015 compared to EGP 2.1bn by the end of 2014, according to its Chairman Mounir El-Zahed.
The newly released profits amount to a total of EGP 600m.
El-Zahed said at the Banks and Finance Conference that his bank aims to restructure its electronic systems in light of preparations to develop the bank’s products and the development of electronic banking services for clients.
Waleed Matar, General Manager of retail banking loans at Banque du Caire, said the bank requires EGP 7bn to launch a new funding product for individuals in September. The product is aimed at the finishing of real estate units.
Matar added that a single client’s credit limit has reached EGP 1bn, with the bank contracted with 12 real estate development companies that will help in the launching of the product.
The bank aims to reach EGP 21bn in its retail banking portfolio by the end of this year, Matar added, compared to EGP 19bn by the end of June.
Net deposits at Banque du Caire reached EGP 64bn by the end of 2014, compared to EGP 58bn by the end of 2013, an increase of EGP 6bn. The increase is due to the launching of products and the presence of local currency savings.
The loans operating rate of deposits reached 46.8% by the end of last year, compared to 43.1% by the end of 2013. Banque du Caire’s net profits reached EGP 1.3bn by the end of 2014.
