Credit Agricole bank default rate decreased to 2.8% by end of 2022
Credit Agricole Bank - Egypt was able to cause a slight decline in its default rate, proving its competence in managing the loan and risk file.
Non-performing loans ratio to total loans at Credit Agricole declined to 2.8% at the end of 2022, compared to 3.3% at the end of 2021.
Due to the success of Credit Agricole Bank - Egypt in significantly reducing the default value of individuals, as it declined to EGP213.1 mn at the end of 2022, compared to EGP320.39 mn at the end of 2021, a decline of EGP107.29 mn.
As a result, individuals default rate decreased to 2.15% of the bank's total individual loans by the end of 2022, compared to 3.34% by the end of 2021.
Despite the increase in non-performing loans value owed by companies to EGP 777.13m at the end of 2022, compared to EGP 694.32m at the end of 2021, an increase of EGP 82.81m.
However, corporate default rate declined marginally to 3.17% of the bank's total corporate finance at the end of 2022, compared to 3.32% at the end of 2021.
It is worth noting that Credit Agricole’s success in reaching the default rate to levels lower than the sector’s average, comes despite the high rate of employment deposits in loans, as it recorded 56.87% by the end of 2022, compared to the banking sector average of 47.9% by the end of the same period.
