Banque Du Caire (BQDC) Q4 2024 earnings summary

Executive summary

• FY24 net profit was EGP 12,369,689 thousand, up 86% YoY; total operating income rose 56% to EGP 34.7bn.

• Total assets reached EGP 483,099,017 thousand, up 20%; gross loans grew 26% to EGP 227bn.

• Auditors issued an unmodified opinion on the separate financial statements.

Financial highlights

• Net interest income was EGP 28,113,274 thousand versus EGP 17,787,845 thousand; net fee and commission income was EGP 5,746,407 thousand versus EGP 3,910,049 thousand.

• Profit before tax was EGP 17,929,719 thousand versus EGP 10,950,957 thousand; income tax expense was EGP 5,560,030 thousand versus EGP 4,290,003 thousand.

• Basic EPS was EGP 1.17 versus EGP 1.07; total comprehensive income was EGP 13,150,501 thousand versus EGP 6,757,965 thousand.

• Expected credit losses charged, net, were EGP 3,667,653 thousand versus EGP 2,151,921 thousand; administrative expenses were EGP 10,971,856 thousand versus EGP 8,150,982 thousand.

• Q4 operating income was EGP 9.64bn, up 47% YoY; Q4 net profit was EGP 3.73bn, up 76%.

Segment performance

• Year-end geographical assets: Cairo EGP 408,718,401 thousand; Alex, Delta and Sinai EGP 50,340,364 thousand; Upper Egypt EGP 24,040,252 thousand.

• Customer loans and advances were EGP 210,946,314 thousand before ECL: retail EGP 88,757,885 thousand and corporate EGP 122,188,429 thousand.

• Gross loan growth was led by corporate and bank lending, up EGP 33bn, and retail lending, up EGP 14bn.

• Retail customers represented 56% of deposits at year-end; institutional deposits accounted for 44%.