BdC net profits triple year-on-year in 1Q2019

EARNINGS WATCH- Banque du Caire (BdC) net profits almost tripled year-on-year to EGP 1.21 bn in 1Q2019, up from EGP 407 mn in the same quarter last year, according to Al Ahram. The bank’s net interest income grew 58% y-o-y to EGP 2 bn during the quarter. “FY2019 came on the back of the positive results achieved in 2018, which was a turning point for the bank’s strategy,” CEO Tarek Fayed said. We noted last April that BdC is expecting to raise USD 300-400 mn when it sells a 20-30% stake on the EGX in a planned IPO as part of the state privatization program.