ZAWYA: Credit Agricole Egypt Q1 profit slips 2.9% YoY as higher provisions, taxes weigh
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Credit Agricole Egypt reported a 2.9% year-on-year decline in Q1 net profit to EGP 1.80 billion ($33.6 million) due to increased credit impairment charges and taxes. Despite this, core banking income showed resilience, with net interest income rising 2.2% YoY to EGP 2.86 billion ($53.3 million). Net fees and commission income remained stable at EGP 404 million ($7.5 million). The bank's impairment charge for expected credit losses increased significantly by 79.5% YoY to EGP 192 million ($3.58 million).
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