Cairo - The ordinary general meeting (OGM) of Credit Agricole Egypt approved a decision to increase the bank's capital to EGP 5 billion from EGP 1.24 billion via a bonus issue.

The EGP 3.75 billion capital increase will be funded from the reserves and retained earnings, the bank said in a bourse disclosure on Tuesday.

The shareholders also approved the appointment of Samiha Fawzy as a Non-Executive Board Member, replacing Mona El-Baradei.

During the first quarter (Q1) of 2021, the bank logged net profits of EGP 378.52 million, down from EGP 439.96 million in Q1-20.

The net interest income retreated to EGP 1.25 billion in the January-March period, compared to EGP 1.36 billion in the year-ago period.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.