The financial statements of Credit Agricole Egypt revealed that the bank’s profits, before taxes, increased to EGP 3.036bn at the end of 2019, compared to about EGP 2.793bn at the end of 2018, an increase of EGP 242.961m.
According to the lists sent to the Egyptian Exchange, on Monday, the bank’s net profits amounted to EGP 2.359bn by the end of December 2019, compared to about EGP 2.201bn at the end of December 2018.
Retained earnings amounted to EGP 4.971bn at the end of 2019, compared to about EGP 4.252bn at the end of 2018.
Customer deposits recorded about EGP 39.634bn by the end of 2019, compared to EGP 43.932bn by the end of 2018, a decrease of EGP 4.297bn, while the loan portfolio increased by EGP 3.086bn to reach EGP 23.512bn, compared to EGP 20.426bn.
The bank’s investments in treasury bills recorded about EGP 7.198bn at the end of December 2019, compared to EGP 7.667bn at the end of December 2018, a decrease of EGP 469.073m.
According to the financial statements, the bank’s total assets increased by about EGP 3.057bn to reach about EGP 50.501bn in December 2019, compared to EGP 53.559bn at the end of 2018.
The capital of Credit Agricole Bank – Egypt is about EGP 1.243bn, and according to previous statements by Pierre Finas, the managing director of the bank, the bank is ready to comply with the new banking law, when approved, and increase its capital to EGP 5bn.