Crédit Agricole Egypt (CIEB) announced a 36.5% year on year (YoY) decline in net consolidated profits during the first quarter (Q1), according to an EGX disclosure.
The bank registered EGP 439.96 million in profits during Q1 2020, compared to EGP 693.75 million in Q1 2019.
As for the standalone financial statement, Crédit Agricole reported EGP 443.84 million worth of net profit during the first three months of 2020. The earnings were 36.7% YoY lower than EGP 701.55 million.
It is worth mentioning that the bank launched an initiative in April to support healthcare workers in Egypt in their battle against COVID-19.