Credit Agricole Bank grows by 53.6% on FirstBank composite growth index At 9M-2023

The separate financial statements of Credit Agricole Egypt, ending on September 30th of the current year, revealed that the bank achieved a composite growth rate of 53.6% during the first 9M- 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

Credit Agricole Bank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 137.2%, an increase of EGP 2.2 Bn reaching EGP 3.806 bn during the first 9 months of 2023, compared to EGP 1.604 during the same period in 2022.

The bank's asset portfolio was the second contributor to this growth, increasing by 33.64% during the first 9M of the current year, reaching EGP 100.4 bn by the end of September 2023, compared to EGP 75.1 bn by the end of December 2022, with an increase of EGP 25.3 bn.

Meanwhile, deposit portfolio was the third contributor to the growth of Credit Agricole Bank, with a growth rate of 33.5% and an increase of approximately EGP 20.3 bn during the first 9M-2023, reaching EGP 80.8 bn by the end of September 2023, compared to EGP 60.5 bn by the end of December 2022.

In addition, Total customer loan portfolio of The Bank increased by 10.07% during the first 9M of the current year, recording EGP 38.5 bn by the end of September 2023, compared to EGP 35 bn by the end of December 2022, with an increase of EGP 3.5 bn.