Credit Agricole – Egypt reported a 15.3% year-on-year increase in its consolidated profits after taxes during the first quarter of 2019.
The lender’s net profits amounted to EGP 693.75 million in the January-March period of this year, compared to EGP 601.47 million in the year-ago period, according to a filing to the Egyptian Exchange (EGX) on Tuesday.
Meanwhile, interest revenues rose to EGP 1.52 billion in Q1-19 from EGP 1.3 billion in Q1-18.
As for standalone business, the bank’s profits grew by 15.8%, logging EGP 701.5 million in the three-month period ended 31 March, compared to EGP 605.72 million in the corresponding period a year earlier.
Additionally, the bank’s total deposits retreated to EGP 42.17 billion in Q1-19 from EGP 43.93 billion in the year-ago period.
On the other hand, total loans increased to EGP 23.2 billion from January to March, compared to EGP 21.73 billion in the same period a year earlier.
For the full-year 2018, The EGX-listed bank’s net profits rose to EGP 2.2 billion versus EGP 1.95 billion in the prior year.