The Board of Directors of Crédit Agricole Egypt (CAE) approved the bank’s financial results for the year ending December 31, 2024, during its meeting on February 4, 2025. The results reflect exceptional growth across all key financial indicators, reinforcing CAE’s strong market position.
Global and Domestic Economic Trends
In the final quarter of 2024, global economic conditions showed signs of stabilization, with inflationary pressures easing, leading to a more accommodative yet cautious monetary policy approach in key markets. However, geopolitical risks and policy uncertainties continue to cloud short- and medium-term growth prospects.
Domestically, Egypt’s economic recovery remains on track, supported by easing inflation, a more flexible exchange rate, and increased foreign currency liquidity.
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The Central Bank of Egypt (CBE) has deferred its inflation targets, opting for a more flexible strategy to navigate ongoing challenges. Looking ahead, further declines in inflation are expected, enabling monetary policy easing and stimulating economic activity.
Exceptional Profitability and Strong Financial Performance
Crédit Agricole Egypt achieved record financial performance in 2024, with Net Banking Income (NBI) surging 44% YoY to reach EGP 13.75 billion. This was driven by a 49% YoY increase in Net Interest Income and an 85% rise in other income, particularly from FX activities.
Net Profit rose 56% YoY, reaching an all-time high of EGP 8.001 billion.
The Cost-to-Income Ratio (C/I) improved to 19.8%, reflecting strong cost control.
Gross Operating Income (GOI) saw a robust 48% YoY growth, reaching EGP 11.02 billion.
The Cost of Risk improved significantly, recording EGP -180 million, compared to EGP -484 million in 2023.
Robust Growth in Lending and Deposits
The bank’s loan and deposit portfolios demonstrated impressive growth:
Gross Loan Portfolio increased 29% YoY to EGP 52.2 billion, driven by strong corporate and retail lending.
Customer Deposits grew 13% YoY to EGP 95 billion, reflecting increased business and consumer confidence.
Corporate Banking Excellence
Corporate banking continued its upward trajectory:
Corporate Loans expanded by EGP 9.2 billion (29% YoY) while maintaining high asset quality.
Corporate Deposits increased by EGP 3 billion (5% YoY), driven by effective liability management and trade backlog clearance.
Retail Banking Momentum
Retail banking experienced remarkable growth:
Retail Loans rose 31% YoY, while Retail Deposits surged 34% YoY, supported by successful marketing initiatives and product innovation.
Auto Loans skyrocketed 143% YoY, overcoming market supply challenges.
Mortgage Loan Production grew 10% YoY, bolstered by CBE initiatives.
The active customer base expanded by 7% YoY, with strategic efforts focused on customer acquisition, reactivation, and cross-selling.
Strengthening Digital Banking Leadership
Crédit Agricole Egypt continues to lead in digital banking transformation:
Over 4 million transactions were processed digitally in Q4 2024 (+138% YoY).
99% of domestic transfers were completed via digital channels.
2.5 million logins were recorded on the Banki Mobile app (+35% YoY).
For corporate and SME clients:
48% of companies were digitally active.
Digital governmental payment volumes surged 140% YoY.
Banki Commerce, CAE’s digital payment gateway, saw an 8x increase in transactions processed.
Resilient Asset Quality and Strong Solvency
Crédit Agricole Egypt maintained its NPL ratio at 2.0%, one of the lowest in the sector, supported by a high coverage buffer. This reflects the bank’s strong risk management framework, enabling sustainable and profitable lending growth.
Sustainability and CSR Commitments
As part of its commitment to sustainable finance, CAE partnered with the European Bank for Reconstruction and Development (EBRD) under the Green Energy Finance Facility (GEFF). This initiative supports SMEs and individual clients through green financing solutions, including solar loans.
Additionally, CAE remains a pioneer in sustainability reporting, publishing its third Integrated Sustainability Report in 2024. The bank continues to support youth education through the EBHAR MISR Program, fostering talent in arts, science, and technology.
Looking Ahead
With a solid balance sheet, prudent risk management, and a strong liquidity position, Crédit Agricole Egypt is well-positioned to continue its profitable growth trajectory while enhancing customer experiences and supporting the Egyptian economy.
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