The Board of Directors of Credit Agricole Egypt decided to start the procedures for increasing the issued capital to 5 billion pounds. To comply with the requirements of the Banking Law to distribute bonus shares.
The bank added that the decision to increase the capital comes subject to the approval of the Central Bank of Egypt.
The ordinary commissions of “Credit Agricole Egypt” bank approved the profit distribution project proposed by the Board of Directors in 2020.
The General Assembly delegated the Board of Directors to approve the rules for distributing the employee’s share, while the Board members waived their remuneration.
It approved the release of the chairman and members of the Board of Directors for the fiscal year ending on December 31, 2020, and approved the report of the Board of Directors on the bank’s activities, the auditors ’report and the financial statements for the fiscal year ending on December 31, 2020.
The general assembly approved the license for the board of directors to conclude netting contracts with related parties with the bank in 2021 within the limits of 58.9 million pounds, and the Egyptian Real Estate Finance Company loan with a maximum of 500 million pounds.
The profits of “Credit Agricole Egypt” Bank decreased by 41.9% during the past year to reach 1.37 billion pounds, compared to a net profit of 2.36 billion pounds during the previous year 2019, taking into account the rights of the minority shareholders.
Interest income decreased during the past year to reach 5.17 billion pounds by the end of December 2020, compared to 5.96 billion pounds during 2019.
At the level of independent businesses, the bank achieved profits of 1.36 billion pounds last year, compared to profits of 2.36 billion pounds in 2019.
Credit Agricole Egypt Bank revealed that the Central Bank of Egypt has approved the appointment of Jean-Pierre Trenel, the Managing Director representing Credit Agricole France, to the bank’s board of directors.
The bank added that the managing director will replace Pierre-François Sarge Vinas, effective January 11th.
The profits of Credit Agricole Egypt decreased by 44.5% during the first nine months of this year, to reach 1.04 billion pounds, compared to a net profit of 1.86 billion pounds in the comparative period of the previous year 2019, taking into account the rights of the minority.
Interest income declined during the period to 3.88 billion pounds, compared to revenues of 4.55 billion pounds in the comparative period last year.
The bank achieved profits of 701.01 million pounds during the six months ending last June, compared to profits of 1.304 billion pounds, in the comparative half of 2019.
Interest income declined during the first half of this year to 2.6 billion pounds, compared to 3.03 billion pounds, half of the comparison last year.
The article “Credit Agricole” begins the process of increasing the capital to 5 billion pounds, was written in the Al-Borsa newspaper.