Banque du Caire gets a B+ credit rating from Fitch
The international credit rating agency “FITCH” announced the confirmation of the long-term rating (IDR) of Banque du Caire at “B+” with a stable outlook, which is the highest credit rating granted by the agency to an Egyptian bank.
Fayed said that the rating also reflects the extent of the success of the bank’s continuous development plans and business strategy, despite the challenges the world is witnessing as a result of the “Corona” crisis, stressing the bank’s continued aspiration to achieve further development and growth through wise policies and a highly focused approach on risk management. Maintaining the strength of the bank’s financial position.
The agency based its assessment on the Bank of Cairo’s enjoyment of strong operational independence, in addition to the bank’s strong privilege in the retail banking sector, where retail loans represented 44% of total loans by the end of the first quarter of 2021, and retail deposits 68% of total customer deposits, in addition to enjoying The bank has a good market share of 35% of personal loans provided to public sector employees.
The report also mentioned that Banque du Caire is the sixth largest bank in Egypt in terms of total assets, with a market share of 3% of loans and deposits, and the bank has the third largest customer base with more than 3 million clients supported by one of the largest branch networks of banks in Egypt.
The agency praised Banque du Caire with one of the most diversified income streams among locally classified banks, as net fees and commissions represent 14% of operating income in 2021. Diversification of income away from interests earned on government securities is supported through a higher contribution of loans to the balance sheet (41 % at the end of the first quarter of 2021, up from 28 % at the end of 2017, and a large customer base.
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