Cairo - Mubasher: The ordinary general meeting (OGM) of Credit Agricole Egypt approved a decision to increase the bank's capital to EGP 5 billion from EGP 1.24 billion via a bonus issue. 

The EGP 3.75 billion capital increase will be funded from the reserves and retained earnings, the bank said in a bourse disclosure on Tuesday. 

The shareholders also approved the appointment of Samiha Fawzy as a Non-Executive Board Member, replacing Mona El-Baradei.

During the first quarter (Q1) of 2021, the bank logged net profits of EGP 378.52 million, down from EGP 439.96 million in Q1-20.

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