Top profitable geographic sectors from Credit Agricole Egypt net profits, After achieving EGP 1.22 bn in Q1-2023

Credit Agricole bank Egypt has managed to achieve strong growth this year, driven by significant growth in its net profits from its branches in Greater Cairo, Alexandria, Delta, and Sinai. This has propelled the bank to second place on the list of First Bank for the fastest-growing listed banks in terms of net profits in the first quarter of the current year.

Net profits of Credit Agricole from its various branches, including 83 branches in addition to its main branch in the Fifth Settlement, jumped by 151.07%, reaching EGP1.22 bn during the first quarter of 2023, compared to EGP 486.38 mn during the same period in 2022, an increase of EGP734.8 mn.

Greater Cairo sectors had the biggest impact on achieving this significant leap, with the bank's net profits from these branches increasing by 152.63%, reaching EGP1.15 bn during the first quarter of 2023, compared to EGP457.09 mn during the same period in 2022, an increase of EGP697.64 mn.

Net profits of Credit Agricole from its branches in Greater Cairo sectors acquired  94.56% of the bank's net profits during the first quarter of 2023.

Credit Agricole Egypt also managed to achieve net profits from its branches in  Alexandria, Sinai, and Delta, amounting to EGP47.70 mn during the first quarter of 2023, compared to EGP15.56 mn during the same period in 2022, with a growth rate of 206.52% and an increase of EGP32.14 mn.

Net profits of Credit Agricole from its branches in the Alexandria, Sinai, and Delta  acquired 3.91% of the bank's net profits during the first quarter of 2023.

As for the bank's net profits from its branches in Upper Egypt, increased by about 36.57%, reaching EGP18.75 mn during the first quarter of 2023, compared to EGP13.73 mn during the same period in 2022, with an increase of EGP5.02 mn.

Net profits from its branches in Upper Egypt represented a very small share, amounting to 1.54% of the bank's net profits during the first quarter of 2023.

In general, Credit Agricole Egypt has achieved good performance this year, with asset portfolio jumping by 13.22%, reaching EGP85.041 bn by the end of March 2023, compared to EGP75.112 bn by the end of 2022, with an increase of EGP9.929 bn.

Its deposit portfolio also increased by about 12.18%, reaching EGP67.861 bn by the end of March 2023, compared to EGP 60.492 bn by the end of 2022, with an increase of EGP7.369 bn.

Total customer loans increased by 2.54%, reaching EGP35.979 bn by the end of March 2023, compared to EGP35.088 bn by the end of 2022, with an increase of EGP891.042 mn.