Crédit Agricole Egypt posts 60% Higher Profits in Q1

Egypt’s Crédit Agricole reported Wednesday its consolidated profits rise 60% to 236 million Egyptian pounds (US$31 million) in the first quarter of this year, compared to 147.6 million pounds in the same period last year.

The bank reported an 18.6% rise in its revenues from interest rates, in a press release on its financial results prior to auditing sent to the Egyptian stock exchange on Wednesday.

The Egypt-listed subsidiary of the French group saw its share price rise 0.82% on Wednesday at 11:30 Cairo Local Time to a record EGP 22 per share.

Source: Ahram Online