Crédit Agricole’s resource employment rate rose to 70.22% by the end of March 2024

Crédit Agricole Egypt's separate financial statements for the financial period ended last March 31 showed that the resource employment rate rose to 70.22% by the end of Q1-2024, compared to 61.48% by the end of 2023.

This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.

The significant increase in the Bank's resource employment rate during Q1-2024 reflects the adoption of an expansion policy towards the employment of its resources during this period.

The Bank employed EGP 70 bn of its traditional resources, which recorded EGP 99.7 bn by the end of March 2024, in loans and financial investments, with EGP 45.6 bn for total customer loans, and EGP 24.3 bn for financial investments.

This compared to employing EGP 60.7 bn of its traditional resources, which recorded EGP 98.7 bn by the end of 2023 in loans and financial investments, with EGP 18 bn for financial investments, and EGP 42.7 bn for total customer loans.

At the end of Q1-2024, the Bank's traditional resources distributed between deposit portfolio value of EGP 84.4 bn and equity value of EGP 15.3 bn by the end of the same period.

The Bank's Deposit employment rate for granting loans increased to 54.09% by the end of March 2024, compared to 50.73% by the end of 2023.

Deposit employment rate for financial investments also increased to 28.86% by the end of March 2024, compared to 21.33% by the end of 2023

Although the Bank's resource employment rate rose during Q1 of this year, it remained the lower than the Egyptian banking sector average, with the banking sector's employment index registering about 96.57% by the end of 2023, according to the latest data of the Central Bank of Egypt. 

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