Credit Agricole Bank's Customer Deposits Surge by 12.18% in Q1 2023

Credit Agricole Bank's customer deposits rose by 12.18% during the first quarter of Current year, to record EGP 67.86 bn by the end of March 2023, compared to EGP 60.49 bn by the end of 2022.

The increase in the Bank's Customer Deposits recorded EGP 7.37 bn, which support the bank's market share in the deposit market, as it rose to 0.74% of total  banking sector deposits by the end of March 2023, compared to 0.71% by the end of 2022.

First Bank analyzed the development of the bank's customer deposits in different currencies during Q1 2023 and share of each currency within the bank's total portfolio.

Local Currency (EGP)

The bank's deposits in local currency increased slightly by 1.39%, to record EGP43.67 bn by the end of March 2023, compared to EGP43.07 bn by the end of 2022, an increase of EGP  599.71 mn.

The Egyptian pound  accounted for the largest share of the bank's deposits, reaching 64.36% by the end of the first quarter of 2023.

Despite the bank was able to success in increasing its deposits in Egyptian pounds, was not enough to increase its share, as it witnessed a slight decline to reach 0.60% of total banking sector deposits in local currency by the end of March 2023, compared to 0.61% by the end of 2022.

Foreign Currencies

The bank's portfolio of customer deposits in foreign currencies soared by 38.86%, reaching the equivalent of EGP 24.19 bn by the end of March 2023, compared to EGP 17.42 bn at the end of 2022, representing an increase of EGP 6.77 bn.

This surge boosted the bank's market share in this segment to 1.28% of the total foreign currency deposits in the Egyptian banking sector by the end of March 2023, compared to 1.16% at the end of 2022.

Deposits in various foreign currencies accounted for approximately 35.64% of the bank's total deposits by the end of Q1- 2023.

Among foreign currencies, deposits in Euro were the fastest growing, as increased to 98.55%, to record the equivalent of EGP7.21 bn by the end of March 2023, compared to the EGP3.63 bn by the end of 2022, an increase of EGP3.58 bn.

Customer deposits in  Euro accounted for 10.62% of the bank's total deposits by the end of March 2023.

The bank's portfolio of deposits in Us dollar rose to the equivalent of EGP 15.97 bn by the end of Q1 2023, compared to EGP 12.91 bn at the end of 2022, recording a growth rate of 23.65% and an increase of EGP 3.05 bn.

Customer deposits in US dollar accounted for 23.53% of the bank's total deposits by the end of March 2023.

Deposits in pound sterling accounted for around 0.60% of the bank's total deposits, increasing to the equivalent of EGP 404.7 mn by the end of March 2023, compared to the equivalent of EGP 300.35 mn at the end of 2022, marking a growth rate of 34.74% and an increase of EGP 104.34 mn.

The bank's customer deposit portfolio in Swiss franc increased to EGP 128.64 mn by the end of March 2023, compared to EGP 91.40 mn by the end of 2022, with a growth rate of 40.75%, and an increase of EGP 37.24 mn.

Despite, deposits in Swiss franc accounted for a small share of the bank's total deposits, reaching 0.19% by the end of the first quarter of 2023

As for customer deposits in other foreign currencies, they rose to the equivalent of EGP 483.07 mn by the end of Q1 2023, compared to the equivalent of EGP 485.84 mn at the end of 2022.