Banque Du Caire (BQDC) Q1 2023 earnings summary

Executive summary

• Q1 net profit rose to EGP 1,036,005 thousand from EGP 804,496 thousand YoY; net interest income increased to EGP 3,946,409 thousand from EGP 2,803,050 thousand.

• Total assets reached EGP 361,972,836 thousand at 31 March 2023, up from EGP 321,587,000 thousand at 31 December 2022; customer deposits were EGP 267,140,600 thousand.

Financial highlights

• Interest and similar income was EGP 10,339,272 thousand vs EGP 6,388,579 thousand YoY; interest expense was EGP 6,392,863 thousand vs EGP 3,585,529 thousand.

• Net fee and commission income increased to EGP 829,920 thousand from EGP 545,240 thousand YoY; net trading income was EGP 24,441 thousand vs EGP 56,497 thousand.

• Profit before tax reached EGP 1,882,673 thousand vs EGP 1,432,314 thousand; income tax expense was EGP 846,668 thousand vs EGP 627,818 thousand.

• Total comprehensive income was EGP 9,554 thousand vs EGP 493,898 thousand, reflecting EGP 1,026,451 thousand of net OCI losses in Q1 2023.

• Administrative expenses rose to EGP 1,888,538 thousand from EGP 1,564,592 thousand; expected credit loss charges were EGP 659,564 thousand vs EGP 314,768 thousand.

Segment performance

• Geographical assets at 31 March 2023: Cairo EGP 308,824,739 thousand; Alexandria, Delta and Sinai EGP 35,970,243 thousand; Upper Egypt EGP 17,177,854 thousand.

• Geographic liabilities were EGP 227,908,521 thousand in Cairo, EGP 85,969,443 thousand in Alexandria, Delta and Sinai, and EGP 23,368,855 thousand in Upper Egypt.