BDC reports 7% profit growth in Q3

banking - December 2, 2021

ArabFinance: Banque du Caire (BDC) (BQDC) posted its financial results for the third quarter (Q3) of 2021, maintaining steady growth, according to a press release.

The bank recorded a net profit of EGP 2.7 billion in Q3 2021, up by 7% from EGP 2.5 billion in the year-ago period.

The increase in profits was backed by the net income from return, which rose by 3% year-on-year (YoY) in Q3 2021 to EGP 7.7 billion from EGP 7.5 billion.

Meanwhile, the net income from fees and commissions grew by 24%, recording EGP 1.4 billion in Q3 2021, compared to EGP 1.4 billion in Q3 2020.

As a result, the bank’s operating revenue rose by 6% YoY to EGP 9.5 billion in the three-month period ended September 30th, 2021, from EGP 8.9 billion in Q3 2020.

Moreover, the bank’s total consumer loans portfolio stood at EGP 105 billion at the end of September 2021, with a growth rate of 14%, the release highlighted.

Meanwhile, the bank’s corporate credit portfolio recorded EGP 51.7 billion at the end of September 2021, up by 19% as compared to the end of December 2020.

Retail loans portfolio jumped by 8% to EGP 37.2 billion at the end of September 2021, as compared to 2020, while the microfinance portfolio recorded EGP 5.3 billion.

On the other hand, BDC’s deposits portfolio grew by 19% to reach EGP 193 billion at the end of September 2021

Chairman and CEO of BDC Tarek Fayed said that the bank’s total assets stood at EGP 243 billion at the end of September 2021, rising by 18% from EGP 205 billion at the end of 2020.

BDC, the 99.9%-owned by Egypt's second-largest state-owned bank Banque Misr, is the sixth-largest bank in Egypt in terms of total assets, acquiring a 3% market share in system-wide loans and deposits.

The bank also has the third-biggest customer base, with over 3 million customers.