Large corporates are First contributor in credit Agricole Bank's net profits in Q1-2023

Credit Agricole Bank - Egypt has achieved strong profits during the current year, primarily driven by significant growth in net profits from various banking businesses, led by medium and small corporates, investment, and large corporates.

The bank's net profits rose by 151.07 to record EGP1.22bn in the first quarter of 2023, compared to EGP 486.38 mn in the same period of 2022, representing an increase of EGP734.8mn.

The bank's net profit from medium and small corporates (including current account activities, deposits, loans, credit facilities and financial derivatives) was the fastest growing, as its profits jumped by 512.42%, to record EGP 141.17 mn during the first quarter of 2023, compared to EGP 23.05 mn during the first quarter of 2022, an increase of EGP 118.12 mn.

The bank's net profits from medium corporates acquisition about 11.56% of its net profits during the first quarter of 2023.

The bank's net profit from investments (including corporate mergers, investment purchases, and financial instruments) increased from EGP 19.997 mn during the first quarter of 2022 to reach EGP 96.708 mn during the same period of 2023, with a growth rate of 383.61%, and an increase of EGP 76.711mn.

Net profit from investment was the lowest, as it increased  by7.92% of its net profit during the first quarter of 2023.

In terms of the bank's net profits from large corporates (including current account activities, deposits, loans, credit facilities and financial derivatives), increased to EGP 497.897 mn during the first three months of 2023, compared to EGP 201.151 mn during the same period of 2022, with an increase of EGP 296.746 mn.

Credit Agricole bank's net profits from large corporates accounted for the largest share of the bank's net profits, by 40.77% during the first quarter of 2023.

The bank's net profit from individuals (including current account activities, savings, deposits, credit cards, personal loans and mortage loans) rose to EGP 295.14 mn during the first quarter of 2023, compared to EGP137.12 mn during the same period of 2022, with an increase of EGP 158.02 mn.

Credit Agricole bank's net profits from individuals accounted for 24.17% of the bank's net profits during the first quarter of 2023.

The bank's net profit from assets and liabilities recorded EGP 190.27 mn during the first quarter of 2023, compared to EGP 105.06 mn during the same period of 2022, an increase of EGP 85.20 mn, achieving a growth rate of 81.10% on a quarterly basis.

The bank's net profit from the assets management and liabilities accounted for about 15.58% of the bank's net profits during the first quarter of 2022.