Arab Finance: Credit Agricole Egypt (CIEB) reported a 148.96% year-on-year (YoY) growth in consolidated net profit after tax for the first quarter (Q1) of 2023, according to the bank’s consolidated financial statement filed to the Egyptian Exchange (EGX) on May 14th.

The bank’s consolidated net profits after tax grew to EGP 1.223 billion in Q1 2023 from EGP 491.543 million in Q1 2021.

Net interest income hit EGP 2.302 billion during the January-March period of 2023, up from EGP 1.366 billion in the same period a year earlier.

Meanwhile, the bank’s standalone net profit after tax jumped 151.07% YoY to stand at EGP 1.221 billion in the three-month period ended March 31st, up from EGP 486.380 million 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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