Banque du Caire’s net income, revenues grow y-o-y in 1H2021
Banque du Caire’s (BdC) net income grew 7% y-o-y in 1H2021 to EGP 1.8 bn, up from the EGP 1.7 bn (pdf) recorded in the same period last year, driven by a 3% y-o-y rise in net interest income to more than EGP 5 bn, according to an earrings release seen by Hapi Journal. The state-owned bank’s operating revenues followed suit with a 4% growth and reached EGP 6.1 bn during the January-June period, compared to EGP 5.9 bn a year before, thanks to an 18% hike in net fee and commission income.
Reminder: BdC is a perennial IPO candidate, having most recently been informed by the Financial Regulatory Authority of a new deadline to complete its debut on the EGX by the end of the year. BdC had been poised to go public in April this year as part of the state privatization program, but the pandemic disruption forced the bank to shelve plans. 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.