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Credit Agricole – Egypt’s 9M unaudited financials show 11% profit rise

Credit Agricole – Egypt’s 9M unaudited financials show 11% profit rise
Net interest income grew to EGP 4.5 billion
Credit Agricole
CIEB
-1.43% 20.70 -0.30

Cairo – Mubasher: The unaudited consolidated financial results of Credit Agricole – Egypt reported an 11% year-on-year profit increase during the first nine months of 2019 on the back of higher revenues.

The bank’s net profits rose to EGP 1.86 billion in the January-September period, compared to EGP 1.67 billion in the corresponding period a year earlier, according to a filing to the Egyptian Exchange (EGX) on Thursday.

Meanwhile, net interest income grew to EGP 4.5 billion in the nine-month period ended 30 September from EGP 4.07 billion in year-ago period.

At the level of standalone business, Credit Agricole – Egypt reported a net profit of EGP 1.8 billion in the first nine months of the year from EGP 1.6 billion in the prior-year period.

It is worth mentioning that during the first half of 2019, the lender’s net profit went up to EGP 1.3 billion from EGP 1.09 billion in H1-18.