Credit Agricole achieves a Breakthrough in Financial efficiency Indicators during 9M-2023
First Bank
Credit Agricole Egypt has achieved progress in its financial efficiency indicators during the first 9 months of last year, The following analysis highlights bank's development in financial efficiency indicators from January to September 2023.
The separate financial statements of Credit Agricole Egypt, ending on September 30 2023, revealed that the bank achieved a return on average equity (ROE) of 33% during the first 9M- 2023, compared to 18.20% during the same period in 2022.
The return on average assets of the bank was 4.34% during the first 9 months of 2023, compared to 2.52% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 137.2%, reaching EGP 3.806 bn during the first 9M- 2023, compared to EGP 1.604 bn during the same period in 2022, an increase of EGP 2.201 bn.
In terms of earnings per share, the bank recorded a growth rate of 136.2% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 2.74 per share during the first 9 months of 2023, compared to EGP 1.16 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 32.4% in its Equity portfolio during the first 9M-2023, as it increased from EGP 9.93 bn at the end of December 2022 to EGP 13.14 bn at the end of September 2023.
The bank's asset portfolio also increased by 34% during the first 9M of the last year, reaching EGP 100.38 bn at the end of September 2023, compared to EGP 75.11 bn at the end of December 2022, an increase of EGP 25.27bn.
