Credit Agricole Egypt Q1 profit jumps to $35.5mn

The French lender, Crédit Agricole reported Wednesday higher first quarter net profit in Egypt to register 315.9 million Egyptian pounds ($35.5 million) compared to 236.14 million Egyptian pounds in 2015 with an increase of 33.8 percent.

However, the bank has achieved net profit of 410.57 million pounds before deducting taxes.

The bank consolidated financial statement clarified that its deposits has increased by 2.7 percent during the first quarter of to record 27.4 billion pounds.

While it’s loans portfolio has increased 2.6 % by the end of March 2016 to register EGP 14.79 billion pounds.