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Crédit Agricole to discuss increasing issued capital to EGP 5bn in June - Daily News Egypt

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Crédit Agricole to discuss increasing issued capital to EGP 5bn in June

Increase to be financed through EGP 3.627bn of retained earnings, EGP 63.18m from capital reserve, and EGP 65.213m from special reserve


The Ordinary General Assembly at Crédit Agricole Egypt will meet, at the end of June, to approve the EGP 3.756bn increase in the bank’s issued and paid-up capital, from EGP 1.243bn to EGP 5bn.

The capital increase will be distributed across 939.083 million shares, with a nominal value of EGP 4 per share.

The bank’s capital increase is financed through EGP 3.627bn from retained earnings, EGP 63.18m from capital reserves, and EGP 65.213m from special reserves.

This comes in order to comply with the requirements of the Central Bank of Egypt (CBE) and Banking System Law No 194/2020. This requires an increase in the issued and paid-up capital to banks within a year from the date of the law’s issuance.

Crédit Agricole Egypt achieved a 41.9% decline in consolidated net profits after tax, to reach EGP 1.371bn during 2020 compared to about EGP 2.360bn in 2019.

The bank’s total profits recorded EGP 539.893m by the end of the first quarter (Q1) of 2021, compared to EGP 596.806m at the end of March 2020. It also recorded net profits of about EGP 372.7m by the end of March 2021, compared to EGP 443.848m by the end of March 2020.

The return on loans and similar revenues was about EGP 1.247bn by the end of March 2021, compared to EGP 1.358bn at the end of March 2020. Meanwhile, the net income from the return was EGP 697.3m by the end of March 2021, compared to EGP 746.9m by the end of March 2020.

The total assets of Crédit Agricole Egypt increased to EGP 54.598bn by the end of March 2021, compared to EGP 51.736bn by the end of 2020. The volume of customer deposits increased to EGP 43.604bn by the end of March 2021, compared to EGP 41.254bn by the end of 2020.

The bank’s loan portfolio recorded about EGP 25.299bn by the end of March 2021, compared to EGP 25.441bn by the end of 2020.

Individual financing in Crédit Agricole Egypt recorded about EGP 9.481bn by the end of March 2021, compared to EGP 9.281bn by the end of 2020.

Crédit Agricole Egypt’s financial statements revealed that the personal loan portfolio recorded EGP 8.308bn by the end of March 2021, compared to EGP 8.121bn by the end of 2020.

Meanwhile, its mortgage financing amounted to about EGP 106.9m by the end of March 2021, compared to EGP 67.440m by the end of 2020. Credit card balances recorded about EGP 1.003bn, whilst current accounts debited about EGP 61.711m by the end of March 2021.

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https://dailyfeed.dailynewsegypt.com/2021/05/29/credit-agricole-to-discuss-increasing-issued-capital-to-egp-5bn-in-june/
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