Crédit Agricole Egypt, Q1 2024 Standalone Financial Results – Press Release

The Board of Directors of Credit Agricole Egypt approved the Bank’s results for the Quarter ended on March 31, 2024, at its meeting on Tuesday, April 30, 2024.

Main Highlights

• Net Profit at record EGP 2,291 million, up 88% Year-on-Year;
• Customer Deposits reached EGP 84.4 billion, up 24% Year-on-Year;
• Gross Loans reached EGP 45.6 billion, up 27% Year-on-Year;
• Current and Saving Accounts to Total Deposits reached 60.8% down by 1% Year-on-Year;
• Non-performing Loans ratio at 1.8% and Coverage Ratio at 219%;
• Loans-to-Deposit Ratio at 54.1%, up +1% Year-on-Year driven by high increase in deposits vis-à-vis loans and EGP devaluation effect;
• Resilient Capital Structure, Capital Adequacy Ratio of 20.2%;
• Return on Average Assets at 8.5% up 2% and Return on Average Equity at 61.5% up 14%

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