Credit Agricole Egypt announces Q1 2012 financial results & market strategy
Following the bank's recent announcement of its financial results for Q1 2012, Mr. François-Edouard Drion, Chairman and Managing Director of Crédit Agricole Egypt, elaborated on the bank's solid market position and provided insight into its 2012 market strategy.
Mr. Drion, said that the most recent financial results, noting that CAE reported revenues of EGP341.1m for Q1 2012, an increase of 17.1% over the same period in 2011. This increase is attributed mainly to an increase in loan volumes (up 10.4% in the Q1 2012).
Level of client deposits remains satisfactory with a growth of 1.9%. Also, due to efficient management of expenses and risks, net results increased to EGP126m which is an increase of 111% over last year's results.
At the end of March 2012, CAE reported a capital ratio of 13.23% (against 10% requested by the Central bank of Egypt) which will provide the Bank with the opportunity to continue to grow business in the near term within its existing capital base.
Mr. Drion explained that the strong performance of the bank's loan volume indicates the quality of Credit Agricole Egypt's client base and the bank's commitment to finance the Egyptian economy.
"At CAE, it has been our long-standing commitment to provide reliable, innovative and value-added financial services in Egypt. Our financial performance in Q1 - 2012 is encouraging and reflects our teams' successful dedication to offer every day better services to our clients."
said Mr. François-Edouard Drion, "We are dedicated to support our clients' business needs - which is even more critical at this time - and to being very much a continued part of the Egyptian banking sector as the country moves forward in another phase of its history. We are confident that this evolution will bring about new opportunities for the bank and our customers in Egypt."
For 2012, CAE is adopting an ambitious multi-segment development strategy. The strategy will focus on both the individual and corporate levels with the objective of offering an efficient and specific banking services to each category of clients based on thorough analysis of its requirements, it enables CAE to develop innovative and distinctive financial solutions matching these segments' current situation and future orientations.
On the corporate side, CAE offers two distinctive lines of business: Corporate Banking serving large corporate, local groups, multinationals and financial institutions, and Enterprises Banking dedicated to serving small and medium size companies.
complete its offering, CAE has recently created a Midcap line of business to allow it to serve this special segment of enterprises and to present a suitable offer based on a comprehensive analysis of their investment and financing needs.
On the individual side, CAE provides strong Retail Banking offerings, with a wide range of products and services. For high net-worth customers, CAE offers Private Banking which draws on the Group's expertise in wealth management, related investments and structured products. In addition CAE recently launched Fidèle Club which offers distinguished clients a unique banking relationship with tailor made privileges inspired from their needs and lifestyle.
Enhancing the quality of services towards clients is another main component of CAE's strategy. To that end, CAE is undertaking its first annual customer satisfaction survey as a means to further enhance excellence in customer relationships and quality of service. Based on results of this in depth survey, our Bank will undertake innovative commitments in favor of client satisfaction.
Finally, building on CAE's commitment to care about its community, the bank is in the process to increase significantly its support to long term social projects. In this context, CAE is launching an initiative - which will associate its employees and shareholders to promote a bank wide project.
The objective of this CSR initiative, "Together We Care", plays an active role in the development of society by providing support to the areas in need.
Mr. Drion, said that the most recent financial results, noting that CAE reported revenues of EGP341.1m for Q1 2012, an increase of 17.1% over the same period in 2011. This increase is attributed mainly to an increase in loan volumes (up 10.4% in the Q1 2012).
Level of client deposits remains satisfactory with a growth of 1.9%. Also, due to efficient management of expenses and risks, net results increased to EGP126m which is an increase of 111% over last year's results.
At the end of March 2012, CAE reported a capital ratio of 13.23% (against 10% requested by the Central bank of Egypt) which will provide the Bank with the opportunity to continue to grow business in the near term within its existing capital base.
Mr. Drion explained that the strong performance of the bank's loan volume indicates the quality of Credit Agricole Egypt's client base and the bank's commitment to finance the Egyptian economy.
"At CAE, it has been our long-standing commitment to provide reliable, innovative and value-added financial services in Egypt. Our financial performance in Q1 - 2012 is encouraging and reflects our teams' successful dedication to offer every day better services to our clients."
said Mr. François-Edouard Drion, "We are dedicated to support our clients' business needs - which is even more critical at this time - and to being very much a continued part of the Egyptian banking sector as the country moves forward in another phase of its history. We are confident that this evolution will bring about new opportunities for the bank and our customers in Egypt."
For 2012, CAE is adopting an ambitious multi-segment development strategy. The strategy will focus on both the individual and corporate levels with the objective of offering an efficient and specific banking services to each category of clients based on thorough analysis of its requirements, it enables CAE to develop innovative and distinctive financial solutions matching these segments' current situation and future orientations.
On the corporate side, CAE offers two distinctive lines of business: Corporate Banking serving large corporate, local groups, multinationals and financial institutions, and Enterprises Banking dedicated to serving small and medium size companies.
complete its offering, CAE has recently created a Midcap line of business to allow it to serve this special segment of enterprises and to present a suitable offer based on a comprehensive analysis of their investment and financing needs.
On the individual side, CAE provides strong Retail Banking offerings, with a wide range of products and services. For high net-worth customers, CAE offers Private Banking which draws on the Group's expertise in wealth management, related investments and structured products. In addition CAE recently launched Fidèle Club which offers distinguished clients a unique banking relationship with tailor made privileges inspired from their needs and lifestyle.
Enhancing the quality of services towards clients is another main component of CAE's strategy. To that end, CAE is undertaking its first annual customer satisfaction survey as a means to further enhance excellence in customer relationships and quality of service. Based on results of this in depth survey, our Bank will undertake innovative commitments in favor of client satisfaction.
Finally, building on CAE's commitment to care about its community, the bank is in the process to increase significantly its support to long term social projects. In this context, CAE is launching an initiative - which will associate its employees and shareholders to promote a bank wide project.
The objective of this CSR initiative, "Together We Care", plays an active role in the development of society by providing support to the areas in need.