Crédit Agricole grows by 24.7% on First Bank composite growth index during Q1- 2024

The Separate financial statements of Crédit Agricole - Egypt, which ended on March 31st of the current year, revealed that the bank achieved a composite growth rate of 24.71% during the period from January to March 2024.

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 Q1-2024

Crédit Agricole - Egypt managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 87.63%, recording EGP 2.29 bn during 2023, compared to EGP 1.22 bn in the same period in 2023, an increase of EGP1.07bn.

Total loan portfolio and credit facilities at the bank were the second contributor to this growth, it grew with a growth rate of 6.86%, during Q1-2024 reaching EGP 45.64 bn by the end of March 2024, compared to EGP 42.71bn at the end of December 2022, an increase of EGP 2.93bn.

Total Asset portfolio at the bank was the third contributor to the growth of Crédit Agricole rose by 4.11% and an increase of approximately EGP 4.36 bn during Q1 -2024, to record EGP 110.35 bn by the end of March 2024, compared to EGP 106 bn at the end of December 2023.

The size of customer deposit portfolio increased by 0.23% during the first quarter of the current year, reaching EGP 84.37 bn by the end of December 2023, compared to EGP 84.14 bn at the end of December 2022, with an increase of EGP 192 mn.