Crédit Agricole Egypt (CAE) has achieved net profits worth $30.9m (EGP 236.2m) in the first quarter of 2015, compared to a total of $19.3m (EGP 147.6m) in the same period last year; the bank announced Wednesday.
Figures show that there is a 60% increase in the bank’s earnings in Q1, 2015, compared to 2014. Previous records show that the bank registered net profits of EGP 675.7m in 2014, jumping from the EGP 628.5m, achieved in 2013.
CAE’s capital is equivalent to EGP 1.148bn, distributed over 287m shares, with a nominal value of EGP 4.
In March 2015, prior to the Egypt Economic Development Conference (EEDC), François-Edouard Drion, Chairman and Managing Director of CAE, said that the bank intends to expand its horizon in the country by reaching a total of 80 branches during the current year.
Drion also expressed his commitment to and confidence in the Egyptian economy and its development, indicating that there are robust opportunities with the launch of the EEDC, which would help in boosting the economy of the country.
CAE is a subsidiary of the French Crédit Agricole Group. The bank has global presence, with operations in around 70 countries.
CAE was established in 2006, having an active role in the country’s financial industry, whereby the bank offers an array of services in the fields of corporate, enterprises, private and retail banking.