Crédit Agri­cole col­lected $1bn in hard cash since flota­tion

The Daily News Egypt - - Business - By Hos­sam Mounir

François Edouard Drion, chair­per­son and man­ag­ing di­rec­tor of Crédit Agri­cole Egypt, said that the bank col­lected $1bn of hard cash since the flota­tion.

Dur­ing a roundtable held by the bank on Tues­day, Drion said that the money was raised to cover its clients’ de­mands of for­eign cur­rency for im­ports. He noted that the flota­tion of the pound was the cor­rect de­ci­sion and will have pos­i­tive im­pacts on the Egyp­tian econ­omy and the Egyp­tian bank­ing sec­tor, ex­press­ing op­ti­mism about the fu­ture of the econ­omy.

He also pointed out that the bank ob­tained a sup­port­ive loan of $30m from its mother group,not­ing that the first tranche of the loan has been re­ceived in April and that it will re­ceive the sec­ond tranche be­fore the end of June.

In an­other mat­ter,Drion said that the num­ber of its clients in Egypt reached some 360,000 clients.

He added that his bank has a plan to ex­pand in the small and medium en­ter­prise (SME) sec­tor, next to the in­tro­duc­tion of more elec­tronic prod­uct ser­vices, in­clud­ing mobile pay­ments.

He pointed out that the par­ent group sup­ports the bank’s ac­tiv­ity in Egypt, adding that the bank also plans to launch a com­mu­nity de­vel­op­ment in­sti­tu­tion and change the slo­gan of the bank to “an in­te­grated bank for you”.

Ac­cord­ing to Drion, the bank has achieved a 51.6% growth in profits in the first quar­ter of the cur­rent year, reach­ing EGP 475.1m. He added that the bank’s de­posits have grown by 43.3% compared to the first quar­ter of 2016, reg­is­ter­ing EGP 39.245bn—up from EGP 27.396bn at the end of March 2016.

The loan port­fo­lio rose to EGP 18.786bn at the end of the first quar­ter, up from EGP 15.059bn at the end of the first quar­ter of 2016.

Wali Lotfy, head of re­tail bank­ing and mi­cro­fi­nance at Credit Agri­cole Egypt, said that the bank has a port­fo­lio of about 6,000 SME clients, ac­count­ing for 10-11% of the to­tal loan port­fo­lio,which fits within the Cen­tral Bank of Egypt’s (CBE) ini­tia­tive.

He pointed out that the bank aims to reach the ra­tio of 20% set by the CBE for 2020.

The chair­per­son and man­ag­ing di­rec­tor of Crédit Agri­cole Egypt, François Edouard Drion

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