Crédit Agricole Egypt has reported a significant increase in its financial performance for the first nine months of 2023, with substantial gains in both standalone and consolidated net profits. The bank, which was founded in 1996 and listed on the Egyptian Exchange (EGX) in 2006, continues to build on its growth trajectory with impressive year-over-year profitability.
In the standalone category, the bank’s net profits after tax soared to EGP 3.80 billion, marking a remarkable year-over-year leap of 137.19%. This robust growth is mirrored in the consolidated figures where net profit after tax jumped by 138.05% to reach EGP 3.812 billion, as disclosed through EGX on Sunday. This compares to a net profit of EGP 1.601 billion during the same period last year.
The bank’s total assets experienced a notable increase, climbing to EGP 100.56 billion from EGP 75.36 billion at the end of 2022. Customer deposits also saw a significant rise of 33.50%, amounting to EGP 80.75 billion.
A closer look at the third quarter of 2023 reveals that Crédit Agricole Egypt’s standalone net profits after tax rose to EGP 1.29 billion from EGP 585.58 million in the third quarter of 2022. The consolidated net profits matched this figure at EGP 1.29 billion for Q3-23. Furthermore, net interest income during this period increased to EGP 1.98 billion from EGP 967.81 million.
The substantial growth in interest income, which surged to EGP 8.268 billion from EGP 4.441 billion between January and September, has been a key driver of the bank’s profitability in 2023. The earnings per share (EPS) stood at EGP 2.74, reflecting the positive earnings outlook for shareholders.
Crédit Agricole Egypt’s subsidiaries, which offer a wide range of financial services across Egypt, have made significant contributions to the bank’s overall performance and are instrumental in its continued success in the region.
This financial upswing underscores Crédit Agricole Egypt’s robust position in the Egyptian banking sector and highlights its ability to generate strong returns for its stakeholders amidst a dynamic economic environment.
