Arab Finance: Credit Agricole Egypt (CIEB) reported an 87.05% year-on-year (YoY) growth in consolidated net profit after tax for the first quarter (Q1) of 2024, according to the bank’s consolidated financial statement filed to the Egyptian Exchange (EGX) on May 1^st.

The bank’s consolidated net profits after tax grew to EGP 2.289 billion in Q1 2024 from EGP 1.223 million in Q1 2023.

Net interest income hit EGP 2.687 billion during the January-March period of 2024, up from EGP 1.506 billion in the same period a year earlier.

Meanwhile, the bank’s standalone net profit after tax jumped 87.64% YoY to stand at EGP 2.291 billion in the three-month period ended March 31st, up from EGP 1.221 billion in the same quarter last year.

Launched in 1996 and listed on the EGX in 2006, Crédit Agricole has subsidiaries operating across Egypt, working on commercial and professional services, in addition to thrifts and mortgage finance.

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