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Credit Agricole Egypt’s unaudited financials show 27% profit drop in Q1-20

Credit Agricole Egypt’s unaudited financials show 27% profit drop in Q1-20
The bank’s interest income retreated to EGP 1.36 billion
Credit Agricole
CIEB
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Cairo – Mubasher: The unaudited consolidated financial results of Credit Agricole Egypt showed a 36.6% year-on-year (YoY) decrease in its net profits after taxes during the first quarter of 2020.

The bank’s net profits slid to EGP 439.96 million in the three-month period ended on 31 March, compared to EGP 693.75 million in the same period a year earlier, according to a bourse disclosure on Wednesday.

Meanwhile, the bank’s interest income retreated to EGP 1.36 billion in Q1-20 from EGP 1.52 billion in Q1-19.

As for standalone business, the lender reported net profits of EGP 443.85 million in the January-March period, compared to EGP 701.5 million in in the year-ago period.

For the full-year 2019, the bank’s net profits increased to EGP 2.36 billion from EGP 2.2 billion in 2018.