Credit Agricole Egypt's Net Profits Grow by 146.3% in H1- 2023, Reaching EGP 2.509 Bn
First Bank
Credit Agricole Egypt's separate financial statements, released recently on the Egyptian Stock Exchange website, have revealed a remarkable increase in the bank's net profits with a growth rate of 146.26%. The bank recorded EGP 2.509 bn during the first half of 2023, compared to EGP 1.109 bn in the same period of 2022, indicating a significant increase of EGP 1.490 bn.
Pre-tax profits soared by 139.87% at a growth rate, amounting to EGP 1.493 bn during the first six months of the current year. The bank's profits reached EGP 3.331 bn in the first half of 2023, compared to EGP 1.389 bn in the first half of 2022.
The bank's total assets also witnessed a substantial increase of 24.49% during the first half of the current year, reaching a value of EGP 93.5 bn by the end of June 2023. This represents a rise from EGP 75.1 bn by the end of December 2022, indicating an increase of EGP 18.4 bn.
Furthermore, total portfolio of customer deposits at the bank grew by 23.96%, as the bank successfully increased its deposits by EGP 14.5 bn during the first half of the current year. Deposits amounted to around EGP 75 bn by the end of June 2023, compared to EGP 60.5 bn by the end of December 2022.
Additionally, total portfolio of loans, customer facilitations, and interbank loans experienced a growth of 4.64%, with an increase of EGP 1.6 bn during the first half of the year 2023. This brought the total to EGP 36.6 bn by the end of June 2023, compared to EGP 35 bn by the end of December 2022.
