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Banque du Caire to launch e-payment firm: Chairman

Banque du Caire to launch e-payment firm: Chairman

ArabFinance: Banque du Caire plans to launch an e-payment firm during the third or the fourth quarter of 2021, CEO and Chairman Tarek Fayed told Al Mal News on June 21st.

During the first quarter of 2021, the bank established an e-payment firm following its expansion plan in digital transformation and financial inclusion.

Fayed said the step comes in line with Egypt Vision 2030 and the state’s directives to expand e-payment channels.

The state-owned bank reported a net profit of EGP 1 billion during the first quarter of 2021.

This reflected a growth rate of 20% in Q1 2021 compared to the EGP 800 million recorded during Q1 2020, driven by the rise in net income from the return to EGP 2.5 billion in Q1 2021.

The bank achieved a return on average equity at a rate of 23.3%, and a return on average assets of 1.9% during the first three months of 2021.

 

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