Cairo – Mubasher: Banque Du Caire reported a 199.2% year-on-year hike in its net profits during the first quarter of 2019.

The Egyptian lender’s net profits after taxes skyrocketed to EGP 1.218 billion in the three-month period ended 31 March, compared to EGP 407 million in the year-ago period, according to a statement on Sunday.

The state-run bank’s profits before taxes registered about EGP 1.51 billion in Q1-19 from EGP 921 million in Q1-18.  

Assets grew by 5% to EGP 176 billion compared to December 2018, the bank’s chairman, Tarek Fayed, said.

Meanwhile, the bank’s loan portfolio surged by EGP 3.3 billion, or 5%, to EGP 69 billion in Q1-19, compared to the year-ago period.

Corporate loans increased by 4.8%, while retail banking portfolio grew by 5.1%.

In addition, the small and medium-sized enterprises (SMEs) loan portfolio rose by 8.5%, while deposits soared by EGP 7 billion to EGP 138 billion.

Net income from return hiked by 58% year-on-year to EGP 2 billion in Q1-19.