Credit Agricole Egypt (CIEB), an Egypt-based bank, has witnessed a remarkable 87.05 percent year-on-year growth in consolidated net profit after tax for the first quarter (Q1) of 2024. Consolidated net profits surged to 2.289 billion Egyptian pounds ($47.7 million), up from $25.5 million in Q1 2023, with net interest income reaching $56 million. CIEB's standalone net profit after tax also soared 87.64 percent year-over-year to $47.7 million.
Established in 1996 and Egyptian Exchange-listed since 2006, Crédit Agricole operates subsidiaries in Egypt, focusing on commercial and professional services alongside thrifts and mortgage finance.