By Islam Serour
Banque Du Caire’s financial operations results for the first quarter of 2012 indicate a net profit of EGP 201 million, as opposed to EGP 44.9 million by the end of 2011. According to bank officials, the achieved profit exceeded the targeted figure by 200 percent.
Banque Du Caire’s General Assembly, headed by the Chairman and CEO of the bank, Monir el-Zahed, approved the financial statements for Q1, which show an increase in net returns. The profit amounted to EGP 434 million, compared to EGP 309 million by the end of 2011. The increase in net profit was backed by a 29.7 percent increase in equities.
According to the financial statements, the bank’s loan portfolio increased by EGP 700 million to amount to EGP 18.4 billion in Q1, compared to EGP 17.7 billion by the end of 2011.
The positive indicators of Q1’s financial statements are evidence of the bank’s strong performance in 2011, which witnessed an EGP 2.6 billion increase in deposits, backed by a 43.6 percent increase in saving certificates in the amount of EGP 1.7 billion, representing 63.5 percent of the total increase in bank deposits.