Credit Agricole-Egypt achieves EGP1.86 mln in 9 months

Credit Agricole  Egypt has achieved a net profit of 1,868 million Egyptian pounds during the 1st 9 months of 2019, showing an increase over the same period last year by 11.5 percent.

The bank’s loans portfolio reached 23.4 billion Egyptian pounds, while the customers deposit portfolio stood at 41.1 billion Egyptian pounds.

As a recognition to the bank’s pertinent growth strategy, Fitch Ratings has affirmed in its recent review Credit Agricole Egypt’s National Long-Term rating as AA+ with a Stable Outlook and F1+ for Short-Term rating.

Regarding its assets, the increase of the results benefited from a net reversal of provisions in the cost of risk for an amount of 299.5 million EGP representing a difference of 274 percent.

The Non Performing Loans (NPL) have decreased again, to 3.11 percent of total exposure as of end of Sep 2019 compared to 3.27 percent as of end of December 2018, with an impaired loans coverage ratioof 140% as of end Sept 2019 compared to 182 percent as of end of Dec 2018 .