Crédit Agricole achieves the fastest growth in net profits during 2023

The Bank's separate financial statements for the financial period ended December 31, 2023, revealed that the Bank's net profits grew by 112.57% during the past year, reaching EGP 5.1 bn in 2023, compared to EGP 2.4 bn in 2022, with an increase of EGP 2.7 bn, recording the fastest annual growth.

Turning to the growth rates in its net profits during the past five years, we find that it achieved a growth of 7.32% in 2019, while it registered a decline of about 42.2% in 2020, significantly affected by the negative consequences of the coronavirus pandemic this year.

But it recovered in 2021, registering a growth of about 16.6% in net profits, and then achieving a rise of about 51.9% in 2022.

Overall, Crédit Agricole has performed strongly during the past year, with net interest income jumping to EGP 7.4 bn in 2023, compared to EGP 3.8 bn in 2022, with a growth of 95.5% and an increase of EGP 3.6 bn.

Net fees and commissions income rose by 74.4%, reaching EGP 1.4 bn in 2023, compared to EGP 827.8 mn in 2022, with an increase of EGP 616.3 mn.

The share’s value of the Bank's profits during the period from early January to the end of December 2023 jumped to EGP 3.7 per share over the past year, compared to EGP 1.74 per share in 2022, with a growth of 112.6% and an increase of EGP 1.96 per share.

Regarding the bank's financial position, the assets portfolio rose by 41.12% over the past year, reaching EGP 106 bn by the end of December 2023, compared to EGP 75.1 bn by the end of 2022, with an increase of EGP 30.9 bn.

The Bank’s customer deposits portfolio rose to EGP 84.2 bn by the end of 2023, compared to EGP 60.5 bn by the end of 2022, with a growth of 39.2% and an increase of EGP 23.7 bn.

Total customer loans jumped from EGP 35 bn by the end of 2022 to EGP 42.7 bn by the end of 2023, achieving a growth rate of 22% and an increase of EGP 7.7 bn.