Latest news with #CréditAgricoleEgypt
Zawya
30-04-2025
- Business
- Zawya
Crédit Agricole Egypt announces 1st quarter 2025 standalone financial results
The Board of Directors of Credit Agricole Egypt approved the Bank's results for the period ending Mar 31, 2025, at its meeting on Tuesday, April 29, 2025. Main Highlights Net Profit at EGP 1,869 million, down -18% Year-on-Year (due to one-off FX income in Mar 24); Customer Deposits reached EGP 94.9 billion, up 12% Year-on-Year; Gross Loans reached EGP 58.3 billion, up 28% Year-on-Year; Current and Saving Accounts to Total Deposits reached 56%, down -2% Year-on-Year; Non-Performing Loans ratio at 2% and Coverage Ratio at 196%; Loans-to-Deposit Ratio at 61%, up +7% Year-on-Year driven by strong loans growth; Resilient Capital Structure, Capital Adequacy Ratio of 21.1%; Return on Average Assets at 5.9% down -2.6% Year-on-Year and Return on Average Equity at 37.5% down -24% Year-on-Year; Cost Income Ratio at 24.8% Up by 8% Year-on-Year; Economic Dynamics: The outlook for global economy and inflation remains bi-directional, with central banks in some advanced and emerging market economies continuing or starting to gradually cut their policy rates with a cautious approach on monetary policy due to slow pace of dis-inflation, persistent geopolitical tensions and anticipated disruptions to global trade triggered by the US led tariff evolutions. Domestically, Egypt is progressing on the path of sustained recovery in economic activity in 1Q 2025, driven by lower inflation (base year effect), liquid FX markets, normalization of import and trade activities along with strong support from IMF and strategic growth partners (EU and GCC) thereby enhancing business confidence. Crédit Agricole Egypt achieved good growth in business in Q1 2025 There was good commercial growth from all business lines with the bank's gross loan portfolio increasing by 28% YoY to reach EGP 58.3 billion, while customer deposits increasing by 12% YoY to reach EGP 94.9 billion. However, Crédit Agricole Egypt (CAE) achieved -8% YoY decrease in Net Banking Income at EGP 3.4 billion due to one-off large FX income post devaluation in Mar-24 (excluding the exceptional FX effect, NBI would have increased by 7%). Corporate banking continues to achieve good results in 1Q25 driven by strong growth in the lending portfolio, evidenced by increase of EGP 8.6 billion (25% YoY) while maintaining high asset quality. Corporate deposits witnessed moderate growth of EGP 2.8 billion (5% YoY), driven by trade backlog clearance and dynamic liability profile management. CAE continues to meet evolving client needs by having strategic focus on providing tailored financial solutions and enhancing its product offerings in order to achieve diversified income streams. Retail banking demonstrated strong portfolio growth in 1Q25, with loans increasing by 34% and Deposits by 27% YoY. This performance was driven by successful marketing campaigns, introduction of new products, and active client's acquisition, despite the competitive (CDs) market. Cash loans witnessed a 29% YoY growth driven by strategic cross-selling efforts. Auto loans exhibited robust growth of 310% YoY, attributed to higher tickets and ticket size. Active customer base demonstrated excellent growth i.e. 10% YoY and 3% QoQ sequentially resulting from key initiatives focused on customer acquisition (payroll), reactivation, loan campaigns, and cross-selling. This included launching new products i.e. Secured housing loans program, time deposit with competitive rates, AHLAN accounts (for non-digital and digital acquisition), Excellence Accounts for private banking customers, Cash Loan Program (Drive Cash), three new floating CDs (Excellence, Premium, and Standard). The bank also participated in events hosted by clubs, universities, and closed communities. Dynamic Commercial Activity and Solid Balance Sheet Structure Commercial activity remained robust and met expected levels. This stability allowed the bank to effectively serve both corporate and individual customers with appropriate financial solutions, contributing to growth in the active customer base. This positive outcome is evident in the key performance indicators: gross loans (including loans to banks) increased by 28% YoY to EGP 58.3 billion, and customer deposits grew by 12% YoY to EGP 94.9 billion. (Clients) Mar-25 Dec-24 YtD Mar-24 YoY Gross Loans Portfolio EGP billion EGP billion Mar-25 vs Dec-24 EGP billion Mar-25 vs Mar-24 Corporate Loans 42.7 41.0 4% 34.2 25% Retail Loans 15.4 14.2 9% 11.5 34% Loans to Banks 0.1 0.1 109% 0.0 0% Gross Loans 58.3 55.2 5% 45.6 28% Customer Deposits Mar-25 Dec-24 YtD Mar-24 YoY EGP billion EGP billion Mar-25 vs Dec-24 EGP billion Mar-25 vs Mar-24 Corporate Deposits 58.4 62.6 -7% 55.6 5% Retail Deposits 36.5 32.9 11% 28.8 27% Customer Deposits 94.9 95.5 -1% 84.4 12% L/D Ratio 61.4% 57.8% 3.6% 54.1% 7.3% *Corporate and Retail breakdown based on Published Financial Statements Profitability Performance Net Banking Income (NBI) demonstrated anticipated decline in 1Q25, decreasing by -8% YoY to reach EGP 3,397 million. This decline was driven by a -73% YoY decrease in other operating income (one-off FX gains post EGP devaluation in March 2024). The Net Interest Income increased by 5% resulting from higher volumes and yields but restricted by increase in cost of funds. Commissions increased by 28%, operating expenses increased with 32% YoY driven by inflation/devaluation effect. Cost to Income Ratio (C/I) increased to 24.8% from 17.2% in 1Q24 and Gross Operating Income (GOI) has decreased by -17%, reaching EGP 2,554 million. Higher cost of risk at EGP -85 million, compared to +1 million in the same period last year driven by higher recoveries in March 2024 and supported by prudent risk management including expected provisions on the business side, As a result, the net profit has recorded a decrease by -18% YoY mainly from the one-off FX revenues decrease. Sequentially, (QoQ) net banking income (NBI) has a marginal decrease by -1%. Gross operating income (GOI), -3% YoY. This outcome mainly resulted from decrease in Net interest income by -2% YoY, a slight rise in operating expenses driven by inflationary pressures and normal cost of risk. Income Statement 1Q25 4Q24 QoQ 1Q24 YoY EGP million EGP million 1Q25 vs 4Q24 EGP million 1Q25 vs 1Q24 Net Interest Income 2,801 2,862 -2% 2,679 5% Fees and Commission 406 406 0% 317 28% Other Operating Income 190 151 26% 711 -73% Net Banking Income 3,397 3,419 -1% 3,707 -8% Overhead Expenses -843 -776 9% -637 32% Gross Operating Profit 2,554 2,642 -3% 3,070 -17% Other Income/Expense -38 -100 -62% -42 -9% Impairment Charges -85 14 -715% 1 -5961% Net Profit before Tax 2,431 2,556 -5% 3,029 -20% Income Tax -562 -615 -9% -738 -24% Net Profit 1,869 1,941 -4% 2,291 -18% * Income Statement based on managerial reporting High Quality of Assets, Strong Solvency and Liquidity CAE's NPL ratio at 2.0% in Q1 2025, continuing to rank among the best within the banking sector. This low ratio, coupled with a substantial coverage buffer, indicates the high quality of the bank's credit portfolio and reflects its commitment to prudent risk management practices. This strong credit profile enables CAE to pursue healthy organic growth in its lending portfolio. Moreover, the bank's robust liquidity and capital positions, comfortably exceeding regulatory requirements, ensuring its resilience against potential market shocks as well as supporting organic growth. * CAR, LCR, NSFR and Leverage as reported to CBE. Key Financial and Business Indicators *Net Interest Margin 'NIM' based on managerial reporting and Earnings per Share after relevant adjustments i.e. (Employees Profit Share, Banking Development Fund etc.) Digital Journey CAE continues to be one of the leading banks in digital and is progressing efficiently towards enhancing seamless digital experience for its customers. Customers adoption of digital continues to grow remarkably with more than 4.5 million transactions processed digitally in Q1 2025 (+12% vs Q1 2024) with 99% of domestic transfers done digitally and more than 2.5 million logins over our mobile app Banki Mobile in Q1 2025 sustaining the strong engagement levels achieved in Q4 2024 CAE went live on INSTAPAY in May 2023 and continues to make significant contribution as customers have increasingly setup their accounts i.e. over 16M outgoing transactions thereby demonstrating the participation of the bank within the growing digital banking ecosystem in alignment with the continuous efforts of the CBE. For corporate and SMEs customers, 48% of the companies have been digitally active on the online platform, with almost half of the domestic transfers now done digitally with 17% increase over Q1 2024. CAE witnessed an increase in digital governmental payments volumes by around 49% in Q1 2025 vis-à-vis Q1 2024. For Ecommerce, CAE continued its solid steps to realize it's digitalization ambitious roadmap by capitalizing on the payment acceptance product "banki Commerce" contributing further towards the CBE efforts for a "less cash society" as well as the gradual shift to payment acceptance. As of 1Q25, "banki Commerce" witnessed 60K transactions, with volume of 154Mn processed through the new gateway YoY. CAE remains committed to its ambitious vision in the Payment Acceptance field, and its unique onboarding journey continues to make it easy for all customers. Sustainability and CSR Activities CAE ambition is to be a reference bank for Energy Transition and Sustainable Finance and is well positioned to accompany its customers through a dedicated team of experts as well as partnerships for the desired solutions offering. CAE, as a main sponsor, participated in a Ramadan Football Tournament which was organized by Sanad Foundation and GOSOOR. The tournament helped in raising awareness and breaking stigma against youth without parental care in the private sector. CAE donated Ramadan food boxes for unprivileged families across Egypt in collaboration with MISR EL-KHEIR Foundation, thereby reinforcing its giving back to the society commitment. Elderly IFTAAR, this came in response to connecting our social duties with relevant activities for the community. CAE employees joined a warm iftar at one of the elderly houses with its residents to spread joy and the feeling of togetherness. About Credit Agricole Egypt CAE is the sole French Bank in Egypt established in 2006 and is listed in the Egyptian Stock Exchange since 2015. CAE has one subsidiary Egyptian Housing Finance Company (EHFC) with 99.99% percent stake. Credit Agricole Egypt continues to leverage on its digital infrastructure, diversified expertise, solid balance sheet structure, prudent risk management, strong liquidity position and adequate capital buffer allowing the bank to pursue its strategic profitable growth by serving its customers as well as the economy.
Tahya Masr
14-04-2025
- Business
- Tahya Masr
Crédit Agricole Egypt partners with Rock Developments to introduce mortgage solutions
Crédit Agricole Egypt has signed a cooperation agreement with Rock Developments to introduce mortgage solutions . This agreement will allow Rock Developments clients to have access to the bank's long-term mortgage financing solutions (down payment of 20% and financing up to 80% of the unit's value, with payment terms up to 15 years) . The cooperation agreement was signed by Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt and Eng. Daniel Doss, Board Member of Rock Developments, along with the presence of several representatives from both entities. Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt stated 'We are delighted to partner with Rock Developments to offer long term mortgage solutions that empower more Egyptians to own their homes. This collaboration highlights Crédit Agricole Egypt's customer centricity approach, delivering innovative, accessible and sustainable financial solutions that are tailored to our clients evolving needs. By combining our banking expertise with Rock Development sustainable vision, we are supporting the growth of Egypt real state while contributing to a greener, more inclusive future". Eng. Daniel Doss, Board Member of Rock Developments emphasized that 'This agreement offers exclusive financing solutions for the company's clients through mortgage solutions. Residential units are available with a 20% down payment and financing up to 80% of the unit's value, with payment terms up to 15 years. Meanwhile, commercial and administrative units come with a 25% down payment and financing of up to 75% of the unit's value for the same duration'. Eng. Doss affirmed that Rock Developments is committed to innovation, offering diverse strategies to serve its clients by delivering projects that align with their aspirations while providing advantages that support their purchasing decisions. He added that 'Collaborating with Crédit Agricole Egypt, a partnership that emphasizes sustainability, represents a key milestone in our journey towards responsible growth' Rock Developments is a leading real estate company with over 40 years of experience. Its projects span across Greater Cairo, Egypt, offering residential, commercial, and administrative projects, as well as several commercial projects in Canada. Rock developments will launch a sustainable certification project located in the New Capital City. Crédit Agricole Egypt and Rock Developments are committed to boosting real estate investment by expanding financing options and ensuring secure investment opportunities. Their mission is to foster growth in Egypt's dynamic property market by supporting projects built to global standards and introducing innovative solutions for sustainable development, safeguarding the environment for future generations. This collaboration is part of Crédit Agricole Egypt's strategy, which aims to provide diverse opportunities and facilities for its clients, with a focus on offering flexible mortgage solutions that support their housing and investment plans. It reflects the bank's role in supporting the Egyptian economy, enhancing financial inclusion, and contributing to sustainable development. It is worth mentioning that Crédit Agricole Egypt has signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a loan worth USD 20 million to lend to individuals and small businesses under the Green Economy Financing Facility (GEFF II), the second phase of Egypt's regional green economy financing program.
Zawya
11-04-2025
- Business
- Zawya
Crédit Agricole Egypt, Rock Developments forge partnership to foster real estate investment
Egypt - Crédit Agricole Egypt and Rock Developments inked a cooperation agreement to introduce mortgage solutions, boosting growth in Egypt's property market, as per an emailed press release. Through the partnership, Rock Developments clients will access the bank's long-term mortgage financing solutions, down payment of 20% and financing up to 80% of the unit's value, with payment terms up to 15 years. The joint agreement aligns with the two entities' objectives to promote real estate investment by expanding financing options and ensuring secure investment opportunities. Crédit Agricole Egypt, Rock Developments plan to support the projects that adhere to global standards and offer innovative solutions for sustainable development. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt, stated: 'By combining our banking expertise with Rock Development's sustainable vision, we are supporting the growth of Egypt's real state while contributing to a greener, more inclusive future'. Daniel Doss, Board Member of Rock Developments, noted: 'Residential units are available with a 20% down payment and financing up to 80% of the unit's value, with payment terms up to 15 years.' 'Meanwhile, commercial and administrative units come with a 25% down payment and financing of up to 75% of the unit's value for the same duration,' Doss added. This collaboration is part of Crédit Agricole Egypt's strategy to provide its clients with diverse opportunities and facilities, in addition to offering flexible mortgage solutions that support their housing and investment plans. It is worth highlighting that the EGX-listed lender signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a $20 million loan. The loan was secured for individuals and small businesses under the Green Economy Financing Facility (GEFF II), the second phase of Egypt's regional green economy financing program. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
10-04-2025
- Business
- Zawya
Crédit Agricole Egypt partners with Rock Developments to introduce mortgage solutions
Cairo: Crédit Agricole Egypt has signed a cooperation agreement with Rock Developments to introduce mortgage solutions. This agreement will allow Rock Developments clients to have access to the bank's long-term mortgage financing solutions (down payment of 20% and financing up to 80% of the unit's value, with payment terms up to 15 years). The cooperation agreement was signed by Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt and Eng. Daniel Doss, Board Member of Rock Developments, along with the presence of several representatives from both entities. Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt stated 'We are delighted to partner with Rock Developments to offer long term mortgage solutions that empower more Egyptians to own their homes. This collaboration highlights Crédit Agricole Egypt's customer centricity approach, delivering innovative, accessible and sustainable financial solutions that are tailored to our clients evolving needs. By combining our banking expertise with Rock Development sustainable vision, we are supporting the growth of Egypt real state while contributing to a greener, more inclusive future'. Eng. Daniel Doss, Board Member of Rock Developments emphasized that 'This agreement offers exclusive financing solutions for the company's clients through mortgage solutions. Residential units are available with a 20% down payment and financing up to 80% of the unit's value, with payment terms up to 15 years. Meanwhile, commercial and administrative units come with a 25% down payment and financing of up to 75% of the unit's value for the same duration'. Eng. Doss affirmed that Rock Developments is committed to innovation, offering diverse strategies to serve its clients by delivering projects that align with their aspirations while providing advantages that support their purchasing decisions. He added that 'Collaborating with Crédit Agricole Egypt, a partnership that emphasizes sustainability, represents a key milestone in our journey towards responsible growth' Rock Developments is a leading real estate company with over 40 years of experience. Its projects span across Greater Cairo, Egypt, offering residential, commercial, and administrative projects, as well as several commercial projects in Canada. Rock developments will launch a sustainable certification project located in the New Capital City. Crédit Agricole Egypt and Rock Developments are committed to boosting real estate investment by expanding financing options and ensuring secure investment opportunities. Their mission is to foster growth in Egypt's dynamic property market by supporting projects built to global standards and introducing innovative solutions for sustainable development, safeguarding the environment for future generations. This collaboration is part of Crédit Agricole Egypt's strategy, which aims to provide diverse opportunities and facilities for its clients, with a focus on offering flexible mortgage solutions that support their housing and investment plans. It reflects the bank's role in supporting the Egyptian economy, enhancing financial inclusion, and contributing to sustainable development. It is worth mentioning that Crédit Agricole Egypt has signed an agreement with the European Bank for Reconstruction and Development (EBRD) for a loan worth USD 20 million to lend to individuals and small businesses under the Green Economy Financing Facility (GEFF II), the second phase of Egypt's regional green economy financing program.
Zawya
09-04-2025
- Business
- Zawya
Rock Developments partners with Crédit Agricole Egypt to offer mortgage for 15 years
Rock Developments has entered into a cooperation agreement with Crédit Agricole Egypt to introduce a freehold property mortgage solution. The program offers a down payment of 20% and financing of up to 80% of the unit's value, with payment terms extending up to 15 years. The initiative reflects the company's commitment to delivering tailored and flexible financing solutions for its clients. The signing ceremony was attended by Eng. Daniel Doss, Board Member of Rock Developments, Ms. Nevine Shokry, Head of Proximity Banking of Credit Agricole Egypt, along with several representatives from both entities. This collaboration aims to provide tailored mortgage financing solutions that cater to customer needs while aligning with the environmental and social priorities of both organizations' strategic visions. Eng. Daniel Doss, Board Member of Rock Developments emphasized that 'This agreement offers exclusive financing solutions for the company's clients through the freehold mortgage program. Residential units are available with a 20% down payment and financing covering up to 80% of the unit's value for a period of up to 15 years. Meanwhile, commercial and administrative units come with a 25% down payment and financing of up to 75% of the unit's value for the same duration'. Eng. Doss affirmed that Rock Developments is committed to innovation, offering diverse strategies to serve its clients by delivering projects that align with their aspirations while providing advantages that support their purchasing decisions. He added that 'Collaborating with Crédit Agricole Egypt, a partnership that emphasizes sustainability, represents a key milestone in our journey toward innovation and responsible growth' Ms. Nevine Shokry, Head of Proximity Banking of Crédit Agricole Egypt stated 'We are delighted to partner with Rock Developments to offer long term mortgage solutions that empower more Egyptians to own their own homes. This collaboration highlights Crédit Agricole Egypt's customer centricity approach, delivering innovative, accessible and sustainable financial solutions that are tailored to our clients evolving needs. By combining our banking expertise with Rock Development sustainable vision, we are supporting the growth of Egypt real state while contributing to a greener, more inclusive future'. Rock Developments and Crédit Agricole Egypt Bank are committed to boosting real estate investment by expanding financing options and ensuring secure investment opportunities. Their mission is to foster growth in Egypt's dynamic property market by supporting projects built to global standards and introducing innovative solutions for sustainable development, safeguarding the environment for future generations. Rock Developments serves as the real estate arm of El Batal Investments, bringing together all the company's residential and commercial projects in Egypt and Canada under the "Rock" brand. Its developments span east and west Cairo, including Rock White in New Heliopolis, Rock Yard in Sheraton, Rock Eden in 6th of October City, Rock Capital 1 in New Administrative Capital, Rock Vera in New Cairo, Rock Gold Mall in New Cairo, and Rock Ville in Obour City.
