Credit Agricole grows 18.60% on First Bank’s composite growth index during 9M-22

Credit Agricole recorded a composite growth rate of 18.60% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio during the first 9 months of 2022.

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 9M-22.

Credit Agricole was able to achieve positive results in all four sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profits

The bank's net profit jumped to EGP1.604 billion during 9M-22, compared to EGP1.167 billion during the year-ago period with an increase of EGP437 million.

However, the loans portfolio is considered the second contributor to this growth. It jumped by 14.07%, to record EGP34.794 billion at Q3-22, compared to EGP 30.503 billion at the end of 2021 with an increase of 4.291 billion pounds.

In addition, the bank's asset portfolio also jumped by 11.49% to record EGP 67.155 billion at the end of September 2022, compared to EGP 60.235 billion at the end of 2021 with an increase of EGP 6.920 billion.

Moreover, the bank’s deposit portfolio rose by 11.41% standing at EGP 53.719 billion at the end of September 2022, compared to EGP48.216 billion at the end of 2021 with an increase of EGP 5.503 billion.