At the end of the first quarter of 2024, Banque du Caire’s net profits recorded a remarkable growth of about 129%, as the bank’s net profits reached 2.4 billion pounds, compared to 1 billion pounds during the same period in 2023, while profits before taxes recorded an amount of 3.6 billion pounds, compared to 1.9 billion pounds during the same period in 2023. The same period in 2023 with a growth rate of 93%, and these positive results are supported by the growth achieved by the bank in its various banking activities.
Tarek Fayed, Chairman of the Board of Directors and CEO of Banque du Caire, said that the bank’s maintenance of its strong performance during the first quarter of the fiscal year 2024 comes as a result of many factors and components, most notably the high quality of assets, strong financial solvency and liquidity, in addition to the digital transformation efforts that the bank has pursued since 2018, and the diversification of… His experience, in addition to the wise management of risks, contributes to the bank continuing to maintain strategic growth and achieve its expansion vision, confirming its leadership and position within the banking sector as one of the largest leading banks in Egypt.
Fayed continued that the positive results achieved by the bank were reflected in an increase in net income from returns to record 6.4 billion pounds compared to 3.9 billion pounds during the same period in 2023, with a growth rate of 61%. Net income from fees and commissions also increased to record 1.3 billion pounds compared to 0.8 billion pounds during the same period in 2023 at a growth rate of 57%, bringing total operating revenues to 7.8 billion pounds, compared to 4.9 billion pounds during the same period in 2023 at a growth rate of 59%. These distinguished results come based on an ambitious future vision and an integrated institutional strategy. And sustainable, commensurate with Banque du Caire’s leading position in the banking sector.
As a result of the strong performance during the first quarter of 2024, the bank maintained a strong capital base and financial position, as the combined capital adequacy ratio reached 15.78%, as the bank succeeded in increasing the capital to reach 20.5 billion pounds, an increase of 1.5 billion Egyptian pounds paid by the shareholder. The bank’s main principal position after the approval of the extraordinary general assembly at the end of March 2024, in order to continue to further support operational performance and achieve distinguished financial and banking results.
