Crédit Agricole Egypt net profit after tax falls 36.6% year-on-year in Q1

Crédit Agricole Egypt, part of France’s second-largest bank Crédit Agricole, reported on Wednesday a 36.6 percent year-on-year fall in its first-quarter net profit after tax.

Net profit after tax for the three months ended in March dropped to 439.966 million Egyptian pounds ($27.95 million) from 639.755 million pounds in 2019, according to a copy of the bank’s financial statements reviewed by Amwal Al Ghad.

Interest income also fell by 10.3 percent to 1.366 billion pounds at the end of March, compared with 1.523 billion pounds in the same period in 2019.