Greater Cairo Tops Credit Agricole’s Geographic Sectors in Profitability At 9M-2023
First Bank
Credit Agricole Egypt achieved strong profits this year, with a net profit increase of approximately 137.19% to reach EGP 3.81 bn in the first 9 months of 2023, compared to EGP 1.60 bn during the same period in 2022.
The bank secured the second position on First Bank list of the fastest-growing listed banks in net profits during the first 9 months of the current year.
Analyzing the geographical sectoral breakdown of the bank’s net profits, Greater Cairo’s sectors were the most profitable, reaching EGP 3.58 bn in the first 9 months of 2023, a growth of 137.14% compared to EGP 1.51 bn in the same period of 2022, with an increase of EGP 2.07 bn.
The Greater Cairo sectors accounted for the majority of Credit Agricole’s net profits, with a percentage of 94.08% during the first 9 months of 2023.
Net profits from Alexandria, Delta, and Sinai geographical sectors increased by about 235.91% to reach EGP 164.3 mn in the first 9 months of the current year, compared to EGP 48.91 mn at the end of 2022, with an increase of EGP 115.39 mn.
The Alexandria, Delta, and Sinai sectors accounted for 4.32% of the bank’s net profits during the first 9 months of 2023. Net profits from the Southern Face sectors increased to EGP 61.02 mn in the first 9 months of 2023, with a growth rate of 33.26% and an increase of EGP 15.23 mn compared to the same period in 2022.
The Southern Face regions represented a very small percentage, only 1.60%, of Credit Agricole’s net profits during the first 9 months of 2023.
It’s worth noting that the bank provides corporate, retail banking, and investment services in Egypt and abroad through its headquarters in the Fifth Settlement and 83 branches.
