Cairo – Mubasher: The board of directors of Credit Agricole Egypt approved procedures to increase the bank’s issued capital to EGP 5 billion in line with the requirements of the banking law.

Pending the approval of the Central Bank of Egypt (CBE), Credit Agricole Egypt will distribute bonus shares to increase the capital, according to a bourse disclosure on Thursday.

In 2020, the bank achieved net profits of EGP 1.37 billion, down from EGP 2.36 billion a year earlier.