Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved the publication of the disclosure form submitted by Credit Agricole-Egypt to proceed with the capital increase.

The bank’s board of directors decided to raise its issued capital by EGP 3.75 billion to EGP 5 billion by issuing 939.08 million bonus shares at a nominal value of EGP 4 apiece, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday.

In the first quarter (Q1) of 2021, the bank posted net profits of EGP 378.52 million, down from EGP 439.96 million in the year-ago period.

The net interest income retreated to EGP 1.25 billion in the January-March period, compared to EGP 1.36 billion in the same period in 2020.