Credit Agricole achieves a Breakthrough in Financial efficiency Indicators during 2023
First Bank
Credit Agricole Egypt has achieved progress in its financial efficiency indicators during the last year, The following analysis highlights bank's development in financial efficiency indicators from January to December 2023.
The separate financial statements of Credit Agricole Egypt, ending on December 31 2023, revealed that the bank achieved a return on average equity (ROE) of 42.12% during 2023, compared to 26.02% during 2022.
The return on average assets of the bank was 5.68% during the last year, compared to 3.58% during 2022.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 113%, reaching EGP 5.142 bn during 2023, compared to EGP 2.419 bn during the same period in 2022, an increase of EGP 2.723 bn.
In terms of earnings per share, the bank recorded a growth rate of 113% during 2023, with the bank's share of net profits reaching about EGP 3.70 per share during the 2023, compared to EGP 1.74 during 2022.
It is worth mentioning that the bank achieved a growth of 46.03% in its Equity portfolio during 2023, as it increased from EGP 9.93 bn at the end of December 2022 to EGP 14.49 bn at the end of December 2023.
The bank's asset portfolio also surged by41.12% during the last year, reaching EGP 106 bn at the end of December 2023, compared to EGP 75.11 bn at the end of December 2022, an increase of EGP 30.88 bn.
