Credit Agricole growth slow-down on First bank composite growth index during Q2-2024
First Bank
Credit Agricole -Egypt's growth slow-down during the second quarter of 2024, recording a compound growth rate of 14.73%, compared to 24.71% during Q1-2024.
This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q2-2024.
The bank was able to achieve positive results in 3 sub-indicators which formulated First Bank composite growth index, the Bank's net profit, recorded a growth rate of 48.06% during Q2-2024.
It also achieved a growth in total loans and facilities to customers at a rate of 7.48% during Q2-2024, and an increase in asset portfolio by 3.50% during the same period, the bank’s customer deposits declined by 0.13% in Q2-2024.
At the level of Q1-2024, The bank was able to achieve positive results in all sub-indicators, led by net profit, which recorded a growth rate of 87.64% From January to March 2024.
Total loans as well as assets increased by 6.86% and 4.11%, respectively, at the same period. While total deposit portfolio rose by 0.23% during Q3-2023
It should be noted that all figures and growth rates mentioned above, are according to financial statements published on the bank’s official website.
