Credit Agricole Egypt's Growth Slows to 41.03% in Q2-2023

Credit Agricole Egypt experienced a slowdown in growth during the second quarter of 2023 compared to the first quarter of the same year. The bank recorded a composite growth rate of 41.03% in Q2 2023, compared to 44.82% in Q1 of the current year.

This information is based on the Composite Growth Index developed by First Bank to measure the financial performance of banks, which includes four indicators: net profits, assets, total customer loans, and deposits.

The bank achieved positive results in all sub-indicators of the Composite First Bank Index during the second quarter of the current year, with its net profits showing significant growth at a rate of 141.87% in Q2 2023 alone.

The bank's deposit portfolio played a significant role in its observed growth, securing the second-highest growth rate of 10.5% during the second quarter of the current year. Additionally, the bank saw growth rates of 9.95% and 1.80% in its total asset and customer loan portfolios, respectively, during the period from April to June 2023.

In the first quarter of the current year, net profits also had the most significant impact on the growth of the Composite First Bank Index. The bank achieved a growth rate of 151.07% in its net profits during the first 3 months of 2023.

The bank's total asset portfolio secured the second position in contributing to this growth, with a growth rate of 13.22% in Q1 2023. Furthermore, the size of the bank's deposit and customer loan portfolios increased by growth rates of 12.18% and 2.79%, respectively, during the same period.

It's important to note that all values used in calculating growth rates are based on the financial statements disclosed at the end of each period on the bank's official website.