Credit Agricole grows by 53.7% on First Bank composite growth index during 2023

The separate financial statements of Credit Agricole Bank, which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 53.7% in 2023.

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

Credit Agricole Egypt managed to achieve positive results across all its sub-indicators constituting the First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 113%, recording EGP 5.14bn during 2023, compared to EGP 2.42 bn during 2022, with an increase of EGP 2.72 bn.

Total assets at the bank were the second contributor to this growth, it grew at a growth rate of 41.12% by the end of 2023, reaching EGP 106 bn by the end of December 2023, compared to EGP 75.12 bn at the end of December 2022, an increase of EGP 30.88 bn.

Total customer deposits were the third contributor to the growth of Credit Agricole, with a growth rate of 39.15% and an increase of approximately EGP 23.68 bn during 2023, to record EGP 84.18 bn by the end of December 2023, compared to EGP 60.49 bn at the end of December 2022.

Total customer loans increased by 22.01% during the last year, reaching EGP 42.71 bn by the end of December 2023, compared to EGP 35 bn at the end of December 2022, with an increase of EGP 7.70 bn.