Banque Du Caire (BQDC) Q3 2024 earnings summary

Executive summary

• 9M 2024 net profit after tax was EGP 8,639,785 thousand, up 90% YoY; operating income rose 60% to EGP 25.06bn.

• Total assets reached EGP 477,864,495 thousand; gross loans grew 20% YTD to EGP 215.9bn, net customer loans were EGP 187,418,010 thousand, and deposits reached EGP 347,219,371 thousand.

Financial highlights

• Net interest income rose to EGP 20,058,488 thousand from EGP 12,418,986 thousand; net fee and commission income reached EGP 4,194,647 thousand vs EGP 2,775,519 thousand.

• Interest income increased 38% to EGP 49.1bn, while interest expenses rose 25%; profit before tax was EGP 12,643,721 thousand vs EGP 7,514,271 thousand.

• Income tax expense was EGP 4,003,936 thousand vs EGP 2,971,170 thousand; basic EPS was EGP 1.07 vs EGP 0.91.

• Q3 2024 net profit after tax was EGP 2.93bn, up 50% YoY; operating income reached EGP 8.87bn, up 62%.

• Administrative expenses rose 34% to EGP 8.02bn; equity increased 25% to EGP 40.9bn.

Segment performance

• Corporate gross loans increased EGP 18bn, up 19%, and retail gross loans rose EGP 10bn, up 14%, over 9M 2024.

• Net profit growth was supported by retail banking, treasury, corporate services and SME banking; retail customers accounted for 53% of deposits and institutions 47%.

• At 30 Sep 2024, Cairo recorded assets of EGP 405,495,168 thousand and liabilities of EGP 298,653,551 thousand; Alex, Delta and Sinai had assets of EGP 48,800,054 thousand and liabilities of EGP 109,361,231 thousand.

• Upper Egypt recorded assets of EGP 23,569,273 thousand and liabilities of EGP 28,998,265 thousand at 30 Sep 2024.