Credit Agricole Egypt’s net profits grow by 137.2%, reaching EGP3.81 bn At 9M-2023
First Bank
Credit Agricole Egypt’s separate financial statements, disclosed recently on the official Egyptian Stock Exchange website, revealed a significant increase in net profits, totaling EGP 3.806 bn, compared to EGP1.604 bn during the same period in 2022, marking a 137.2% growth with an increase of EGP2.201 bn.
The bank’s pre-tax profit surged by approximately 131.75%, reaching EGP 5.086 bn in the first 9 months of 2023, compared to EGP2.194 bn during the same period in 2022, indicating a growth of EGP2.89 bn.
Total bank assets increased by a growth rate of 33.64%, with a value increase of EGP25.27 bn during the first 9 months of the current year, reaching EGP100.38 bn by the end of September 2023, compared to EGP75.11 bn at the end of December 2022.
The bank successfully raised the total portfolio of customer deposits by EGP 20.26 bn, growing at a rate of 33.50% during the first 9 months of the current year, totaling EGP80.76 bn by the end of September 2023, compared to EGP 60.49 bn at the end of December 2022.
Additionally, the bank increased credit issuance to its customers by EGP3.53 bn, following a 10.07% growth in the total portfolio of loans and facilities for customers, reaching EGP38.53 bn by the end of September 2023, compared to EGP 35 bn at the end of December 2022.
