Still far from the sector average. Crédit Agricole's resource employment rate rose to 67.62% by June -2024 End
First Bank
Crédit Agricole - Egypt's separate financial statements for the financial period ending June 30 showed that the resource employment rate rose to 67.62% by the end of the second quarter of 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 the first half of 2024 reflects an expansion policy towards the employment of its resources during this period.
The Bank employed EGP 68.6 bn of its traditional resources, which recorded EGP 101.4 bn by the end of June 2024, in loans and financial investments, with EGP 49 bn for total customer loans, and EGP 19.5 bn for financial investments.
This is 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 the first half of 2024, the Bank's traditional resources distributed between EGP 84.3 bn deposit portfolio and EGP 17.1 bn equity by the end of the same period.
The Bank's deposit employment rate increased to 58.21% by the end of June 2024, compared to 50.73% by the end of 2023.
Deposit employment for financial investments also increased to 23.15% by the end of the second quarter of 2024, compared to 21.33% by the end of 2023.
Despite the rise in the Bank’s resource employment rate during the first half of 2024, the index value of about 67.62% remained below the sector average, with the banking sector's employment index registering about 97.16% by the end of March 2024, according to the latest data of the Central Bank of Egypt.
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