Crédit Agricole says H1 net profit 31.8% up in Egypt

Crédit Agricole SA said Thursday that net profit in Egypt reported a 31.8 percent y-o-y rise in net profit for the first half of 2016.

The French bank in Egypt posted a net profit of 630.274 million Egyptian pounds ($71 million) in the first half of 2016, up from 478.32 million pounds in the same period last year.

Profits before tax recorded around 824.540 million pounds; while standalone profits reached 632.3 million pounds.

The bank’s deposits stood at around 27.819 billion pounds by the end of June 2016, marking 4.3 percent growth from 26.661 billion pounds by the end of June 2015. Loans recorded a 2.3 percent increase to 15.145 billion pounds, from 14.799 billion pounds.