Crédit Agricole Egypt (CAE) reported a 67% year-on-year (YoY) increase in net profit to EGP 4.2 billion, driven by higher net banking income with effective control on operating expenses complemented by prudent risk management.
The bank said its net income soared to EGP 7.02 billion in H1 2024, a 56% YoY increase compared to the same period last year, on the back of good performance by all business lines. Gross loans outstanding reached EGP 49 billion in the six months to June-end, up 34% YoY while customer deposits stood at EGP 84.3 billion.
The lending portfolio had robust growth of EGP 10.4 billion, achieving 39% YoY growth, with resilient and high quality of assets. Corporate deposits grew modestly at 6% YoY to reach EGP 2.8 billion, supported by stable and liquid foreign exchange market in Q2 2024.
CAE said corporate performance improved significantly driven by strategic focus on product diversification and boosting of non-interest income.
Meanwhile, the bank’s retail banking achieved sustainable portfolio growth in H1 2024 at 20% for loans and 26% for deposits YoY, driven by targeted marketing campaigns, launch of new products and client acquisition despite the competitive CD market during H1 2024.
The bank said the number of active customers jumped by 2% quarter-on-quarter sequentially and 7% YoY driven by campaign directed to customer acquisition, account acquisition, financial inclusion, loans and cross-sell.
CAE’s stellar first-half performance in 2024 underscores its strategic vision, robust execution, and commitment to innovation and customer satisfaction. As the bank navigates the dynamic financial landscape, it remains dedicated to delivering top-tier financial solutions and fostering the sustainable growth of the Egyptian economy.
