Banque du Caire (BdC) saw its net income rise 86% y-o-y in 2024 to about EGP 12.4 bn on the back of improved results across its segments — retail banking, treasury, corporate services, and SME banking, the state-owned lender said in a press release (pdf).

The details: BdC’s operating revenues climbed 56% y-o-y to reach EGP 34.7 bn during the year. Its gross loan portfolio expanded 26% to EGP 227 bn by year-end, driven by a EGP 33 bn increase in corporate and bank loans and a EGP 14 bn uptick in retail loans.

The deposit portfolio also saw steady growth: Customer deposits also saw a 17% y-o-y rise to EGP 352 bn at the end of December. Retail deposits accounted for 56% of total deposits, while corporate and institutional deposits made up the remaining 44%.

Updates on the lender’s privatization plans: Emirates NBD tapped Matouk Bassiouny & Hennawy as counsel for its potential acquisition of BdC, Al Shorouk reports, citing unnamed sources it says have knowledge of the matter. The Emirati lender also appointed an undisclosed financial advisor, according to the sources.

We have an idea about the value of the sale: We reported last week that BdC is looking to put a 45% stake on offer for USD 1.2 bn, and that Emirates NBD is conducting its due diligence of the state-owned lender.

BACKGROUND- Plans to sell part of Banque du Caire have been floated — and repeatedly delayed — since 2018. The government has continued to position BdC as a prime privatization target, with Prime Minister Moustafa Madbouly highlighting it in December as one of ten state-owned companies — including fellow banking sector stalwart Alexbank — slated for stake sales in 2025.

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