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Bank du Caire's FY15 profits hit EGP 2.8bn

Bank du Caire's FY15 profits hit EGP 2.8bn
The bank was rate at B3 with stable outlook by Moody's - (Photo Credit: Reuters)

 

Cairo – Mubasher: Egypt-based Banque du Caire earned EGP 2.8 billion in the fiscal year 2015, higher 33% year-on-year from EGP 2.1 billion, said Chairman Mounir El-Zahed on Tuesday.

FY15 profit growth was attributed to the volume of assets that increased to EGP 91 billion from EGP 73 billion a year earlier, El-Zahed added, indicating that the bank plans on hiking its capital to EGP 2.25 billion from EGP 1.6 billion in the upcoming period.

Regarding the bank's initial public offering (IPO), he assured that the central bank is the only authority that will determine the flotation's timing and volume.

By the end of last March, the central bank's governor announced a plan to issue a 20% stake of the Arab African International bank and Banque du Caire on the Egyptian Exchange (EGX).

When taking this move, the bank of Cairo, which was rated at B3 with a "stable" outlook by  Moody's, will be the third bank to trade on EGX floor following Egypt's CIB and QNB.