Crédit Agricole Egypt 2021 net profit grows 16.62%

Crédit Agricole Egypt, part of France’s second-largest bank Crédit Agricole, reported on Thursday a 16.62 percent year-on-year growth in net profit for 2021.

Net profit recorded 1.592 billion Egyptian pounds ($101.2 million) at the end of December 2021, according to the bank’s standalone financial statements.

Pre-tax profit rose 14.10 percent year-on-year to 2.211 billion pounds at the end of 2021, from 1.938 billion pounds at the end of 2020.

The bank has proven solid performance through last year, generating a net banking income of 3.825 billion pounds ($243.1 million), marking a 5 percent year-on-year growth.

Gross Loans portfolio also surged by 12 percent year-on-year to 31 billion pounds at the end of December 2021, the bank added in a statement. Customers’ deposit grew by 17 percent to 48 billion pounds.