Feb 17 2010 |
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Crédit Agricole Egypt sees net income fall
16 February 2010Credit Agricole Egypt (CAE) reported a net income of LE 378.5 million in fiscal year 2009, down 20 percent from LE 475.4 million the previous year.
Fourth quarter net income reached LE 122 million, up 61 percent from the previous quarter and 110 percent from last year.
The y-o-y drop is attributed to a 19 percent drop in investment income, an increase in the cost-to-income ratio, an increase in booked provisions, accompanied by the surge in the effective tax rate, which reached 16 percent.
CAE 's loan book growth exceeded its deposit base growth, improving its utilization. Gross loans increased 18 percent this year to LE 8.6 billion while customer deposits went up by 5 percent to LE 19.7 billion.
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