Crédit Agricole Egypt’s Board of Directors approved the financial results for the year ended December 31, 2024, during its meeting on Tuesday, February 4, 2025. The results underscore the bank’s remarkable financial and operational performance, solidifying its position as a key player in Egypt’s banking sector.
Economic Overview
In Q4 2024, the global economy continued to show signs of normalization, with easing inflationary pressures prompting major markets to adopt cautious yet accommodative monetary policies. However, short- and medium-term growth remains uncertain due to geopolitical risks and economic policy unpredictability.
Domestically, Egypt’s economy is on a gradual recovery path, supported by declining inflation, fiscal adjustments, flexible exchange rates, and improved liquidity in FX markets. These factors have bolstered business confidence, despite persistent economic challenges. Meanwhile, the Central Bank of Egypt (CBE) has adopted a more flexible inflation targeting approach, acknowledging the need for adaptability in navigating a complex economic landscape. Looking ahead, further inflation reductions are anticipated, paving the way for monetary policy easing and increased economic activity.
Record Profitability and Strong Business Growth
Crédit Agricole Egypt (CAE) achieved an exceptional financial performance in 2024, with a 44% year-on-year (YoY) growth in Net Banking Income (NBI), reaching EGP 13.75 billion. This strong expansion was driven by robust performance across all business segments.
Customer Deposits surged by 13% YoY to EGP 95.5 billion, reflecting sustained trust in the bank.
Total Loan Portfolio expanded by 29% YoY to EGP 55.2 billion, driven by solid lending growth across corporate and retail segments.
Cost-to-Income Ratio (C/I) improved to 19.8%, down 2.5% YoY, demonstrating operational efficiency.
Return on Assets (ROA) and Return on Equity (ROE) increased to 6.9% and 44.6%, respectively, marking notable improvements in profitability.
Non-Performing Loan (NPL) Ratio remained low at 2.0%, with a 200% coverage ratio, highlighting the bank’s prudent risk management practices.
Corporate Banking Excellence
Crédit Agricole Egypt’s corporate banking division delivered outstanding results, with:
Lending portfolio growth of 29% YoY, adding EGP 9.2 billion while maintaining high asset quality.
Corporate deposits up by 5% YoY, totaling EGP 3 billion, driven by efficient liability management and trade backlog clearance.
A strategic focus on tailored financial solutions, ensuring diversified income streams and long-term client relationships.
Retail Banking Expansion
The retail banking segment demonstrated remarkable growth, with:
Loans increasing by 31% YoY, driven by new product launches and marketing initiatives.
Deposits rising by 34% YoY, reflecting increased customer engagement and acquisition strategies.
Auto loans surging by 143% YoY, despite ongoing supply chain challenges.
Mortgage loan production growing by 10% YoY, supported by CBE-backed financing programs.
A 7% YoY increase in cash loans, driven by cross-selling efforts and innovative lending products.
The bank also saw a 7% YoY rise in its active customer base, attributed to targeted marketing campaigns, loan promotions, and enhanced digital banking services. New product launches, including Excellence Accounts, “Drive Cash” loan program, solar financing, and Visa Platinum Business Cards, further strengthened CAE’s retail portfolio.
Solid Balance Sheet and Resilient Commercial Activity
Despite market fluctuations in FX and certificate of deposit (CD) products, CAE maintained strong commercial momentum:
Gross loans (including interbank lending) grew by 29% YTD to EGP 55.2 billion.
Customer deposits increased by 13% YTD, reaching EGP 95.5 billion.
These results demonstrate CAE’s ability to navigate economic challenges while maintaining financial stability and client-focused growth strategies.
Profitability Highlights
Net Profit reached an all-time high of EGP 8.001 billion, up 56% YoY.
Gross Operating Income (GOI) rose 48% YoY, totaling EGP 11.02 billion.
Net Interest Income (NII) increased 49% YoY, supported by higher loan volumes and yields.
FX-related income soared by 85% YoY, contributing significantly to revenue growth.
Cost of risk improved to EGP -180 million, reflecting strong asset quality and effective risk controls.
Digital Transformation Leadership
CAE remains at the forefront of digital banking, driving a seamless and efficient banking experience:
Over 4 million digital transactions in Q4 2024, marking a 138% increase YoY.
99% of domestic transfers now processed digitally.
Mobile app logins exceeded 2.5 million, up 35% YoY.
INSTAPAY adoption surged, with 11.9 million outgoing transactions.
48% of corporate clients are digitally active, with a 140% increase in government-related digital payments.
CAE is actively expanding e-commerce solutions, with banki Commerce transactions rising 8x YoY, aligning with Egypt’s push toward a cashless economy.
Commitment to Sustainability and CSR Initiatives
CAE continues to prioritize green finance and sustainability, having partnered with the European Bank for Reconstruction and Development (EBRD) to support SMEs through the Green Energy Finance Facility (GEFF). Additionally, the bank has:
Launched a solar financing campaign, promoting renewable energy adoption.
Published its third Integrated Sustainability Report, being the first and only bank in Egypt to comply with both Integrated Reporting (IR) and Global Reporting Initiative (GRI) frameworks.
Sponsored the EBHAR MISR Program, supporting talented youth in arts, science, and technology, with 120 graduates benefiting from skill development programs.
About Crédit Agricole Egypt
Established in 2006, Crédit Agricole Egypt (CAE) is the only French bank in Egypt, listed on the Egyptian Stock Exchange since 2015. The bank operates one subsidiary, Egyptian Housing Finance Company (EHFC), with a 99.99% stake.
Leveraging its digital capabilities, diversified expertise, robust financial position, and strong risk management framework, CAE remains committed to delivering profitable growth, supporting economic development, and providing innovative financial solutions tailored to customer needs.
