Credit Agricole bank's deposits soars by 25.46% in 2022.

The financial performance of Credit Agricole Bank-Egypt revealed that its deposit portfolio grew by 25.46% over the past year, to record EGP60.49 bn by the end of 2022, compared to EGP48.22 bn by the end of 2021.

Despite Credit Agricole's success in increasing its deposit portfolio by EGP 12.28 bn, this increase was not sufficient to support its market share or even ensure that it would not decline.

The bank lost 0.04% of its share in this market, declined to 0.71% of total banking sector deposits at the end of 2022, compared to 0.75% at the end of 2021.

The bank’s deposit portfolio in local currency increased by 16.29%, to record EGP43.07 bn at the end of 2022, compared to EGP37.04 bn at the end of 2021, an increase of EGP 6.03 bn.

EGP acquired the largest share of the bank’s deposits, as its share reached 71.21% by the end of 2022.

This was not sufficient to increase its share, as it declined to 0.61% of the total banking sector deposits in local currency by the end of 2022, compared to 0.66% by the end of 2021.

Credit Agricole Bank-Egypt’s deposit portfolio in foreign currencies jumped to EGP17.42 bn at the end of 2022, compared to EGP11.18 bn at the end of 2021, achieving a growth rate of 55.87% on an annual basis.

Credit Agricole deposits acquired 28.79% of the bank's total deposits by the end of 2022.

It is worth noting that despite the bank’s success in adding EGP 6.24 bn during 2022, this was not enough, as its share declined to 1.16% of the total deposits of the banking sector in foreign currencies, compared to 1.38% by the end of 2021.

Credit Agricole bank deposits in Euro were the fastest growing during 2022, as they jumped 92.31%, to reach EGP 3.63 bn at the end of last year, compared to EGP 1.89 bn at the end of 2021, an increase of EGP1.74 bn.

Credit Agricole deposits in Euro acquired 6% of the bank's total deposits by the end of 2022

As for the bank’s deposits in US dollars, they increased by 48.94%, to reach EGP12.91 bn at the end of 2022, compared to EGP8.67 bn at the end of 2021, 21.34% of the bank’s total deposits.

The bank’s deposit portfolio in Swiss franc increased to reach EGP 91.40 mn by the end of 2022, compared to EGP 55.15 mn by the end of 2021, achieving an annual growth rate of 65.74%, and an increase of EGP36.25 mn.

Swiss franc acquired a very small share of the bank's total deposits; 0.15% of the bank's total deposits by the end of 2022.

Moreover, deposits in pound sterling; fell by 26.65%, to reach EGP300.35 mn at the end of 2022, compared to EGP409.5 mn at the end of 2021, 0.50% of the bank’s total deposits.

While the bank’s deposits in other currencies increased by 215.11%, to reach  EGP485.84 mn at the end of 2022, compared to EGP154.18 mn at the end of 2021, an increase of EGP331.66 mn, 0.80% of its total deposits.

It is worth noting that corporate deposits at the bank have witnessed a remarkable growth over the past year, as they jumped 27.63%, to record EGP24.9 bn at the end of 2022, compared to EGP19.51 bn at the end of 2021, an increase of EGP 5.39 bn.

The bank’s individual deposits portfolio increased to EGP23.32 bn by the end of 2022, compared to EGP21.75 bn by the end of 2021, achieving a growth rate of 7.23%, and an increase of EGP1.57 bn.