Banque du Caire 9M profits down 16%, revenues climb

Banque du Caire (BdC) generated a net profit of EGP 2.5 bn during 9M2020, down 16% from EGP 3 bn in the same period last year, according to figures released by the bank on Thursday. The state-owned bank’s revenues rose 24% during the period to EGP 8.9 bn, from EGP 7.2 bn in 9M20219.

Reminder: BdC is a perennial IPO candidate, having most recently been slated to debut on the EGX in April this year as part of the state privatization program, but the disruption caused by the pandemic forced the bank to abandon its plans for the foreseeable future. The bank was hoping to raise some USD 500 mn in what was expected to be the country’s biggest sale of state assets since 2006.