Crédit Agricole-Egypt’s (CAE) net profits jumped 55.7% during the first half (H1) of 2015 that ended on 30 June 2015, the bank said in an official statement to the Egyptian Stock Exchange (EGX) Sunday.
Financial indicators show that in H1, net profits were equivalent to EGP 482.99m ($61.5m), up from EGP 310.22m ($39.5m) registered in the same period in the preceding year.
In the first quarter of the current year, CAE achieved net profits worth $30.9m (EGP 236.2m), compared to a total of $19.3m (EGP 147.6m) in the same period last year.
CAE’s capital is equivalent to reach EGP 1.148bn, distributed over 287m shares, with a nominal value of EGP 4.
In May, CAE and VISA Egypt signed a partnership agreement allowing the bank to issue its credit, prepaid and debit cards, whilst also managing its entire cards portfolio exclusively through VISA.
In March 2015, prior to the Economic Summit held last March, François-Edouard Drion, CAE’s Chairman and Managing Director, said the bank intends to expand its horizon in the country by expanding to a total of 80 branches during the current year.
Drion also expressed his commitment to and confidence in the Egyptian economy and its development. He indicated that there are robust opportunities with the launch of the summit, which would help in boosting the country’s economy.
CAE is a subsidiary of the French Crédit Agricole Group. The bank has a global presence, with operations in around 70 countries. CAE was established in 2006, having an active role in the country’s financial industry, whereby the bank offers an array of services in the fields of corporate, enterprises, private and retail banking.