Crédit Agricole achieves the fastest quarterly growth in assets portfolio in 5 years
Crédit Agricole Egypt's assets portfolio has seen record growth over the past year, jumping by 33.6% in the first 9M of 2023, reaching EGP 100.4 bn by the end of Q3 of last year, compared to EGP 75.1 bn by the end of 2022, with an increase of EGP 25.3 bn, recording the fastest quarterly growth in 5 years.
This performance prompted Crédit Agricole Egypt to top Frist Bank's list of the fastest-growing listed banks in assets during the first 9M of last year, while ranking second at the level of banks operating in the Egyptian banking sector as a whole.
In terms of growth rates over the past 5 years, it has recorded a decline of about 4.6% over the first 9M of 2019 in the volume of its assets, while growth of about 3.6% during the same period of 2020.
In addition, It recorded growth of about 10.2% during the first 9M of 2021, while achieving a rise of 11.6% during the same period in 2022.
Crédit Agricole Egypt has been performing well over the past year, with net profits rising by 137.2%, to EGP 3.8 bn in the first 9M of 2023, compared to EGP 1.6 bn in the same period of 2022, with an increase of EGP 2.2 bn.
Pre-taxes profits jumped by 131.8%, registering EGP 5.1 bn in the first 9M of 2023, compared to 2.2 bn during the same period in 2022, with an increase of EGP 2.9 bn.
Net interest income rose by 101.3%, registering EGP 5.2 bn in the first 9M of 2023, compared to EGP 2.6 bn in the same period from 2022, with an increase of EGP 2.6 bn.
Net fees and commissions income jumped to EGP 1.17 bn during the first 9M of 2023, compared to EGP 523.1 million during the same period in 2022, with a growth of 123.38% and an increase of EGP 645.4 million.
The Bank was able to increase its total customer deposits portfolio by EGP 20.26 bn to grow by 33.50% during the first 9M of last year, registering EGP 80.8 bn by the end of September 2023, compared to EGP 60.5 bn by the end of December 2022.
The bank increased its customer loans by EGP 3.5 bn, after its total portfolio of customer loans and facilities increased by 10.1% during the first 9M of last year, registering EGP 38.5 bn by the end of September 2023, compared to 35 bn by the end of December 2022.
