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Frequently Asked Questions

How many free accesses am I entitled to as a primary cardholder? Unlimited free access throughout the calendar year How many free accesses am I entitled to as a supplementary cardholder? Unlimited free access throughout the calendar year Is there a minimum card spend I shall make during the year, to qualify me for the free lounge accesses? Yes, $1 per calendar year. In case, cardholder did not meet the minimum spend criteria of $1 during the calendar year, he/she will be entitled to only 2 free access+ 1 free guest per visit. How do I enter the lounges? Present your membership QR code to the lounge staff Are guests allowed in the lounges for primary credit card holders?
  • Yes, guests are allowed provided they are accompanying the cardholder on the same flight.
  • 1 free guest per visit but any extra guest(s) card will be charged by $32 each (to be paid at the lounge)
Are guests allowed in the lounges for supplementary credit card holders?
  • Yes, guests are allowed provided they are accompanying the cardholder on the same flight.
  • 1 free guest per visit but any extra guest(s) card will be charged by $32 each (to be paid at the lounge)
How will my guest get access to the lounge? With the same QR or Digital membership generated by the Primary OR Supplementary cardholders. Can I use my physical card to enter the lounge? You will only be able to access lounges by presenting your membership QR code from the mobile app. Do I have to book the lounge access ahead of my visit? No prior reservation is required How can I submit a complaint or an inquiry?
  • In case of prior registration press “Help” button placed on the signing up page in “Visa Companion Application”
  • In case of after registration press “Contact” button placed on the account page.
How can I add more cards? By pressing the “Membership” in the home page bottom menu. Then press on “Add new membership” and start registering the other card.

  • Here’s how to register using your Card or T-Pin

    • Register using your Active Card: Click Here

    • Register using your Bank ID# and Telephone PIN : Click Here

No worries, click here to retrieve your password

How many free accesses am I entitled to as a primary cardholder? 6 free access throughout the calendar year, then every extra visit will be charged by $32 (it will be debited from the registered credit card) How many free accesses am I entitled to as a supplementary cardholder? 6 free access throughout the calendar year, then every extra visit will be charged by $32 (it will be debited from the registered credit card) Is there a minimum card spend I shall make during the year, to qualify me for the free lounge accesses? No minimum spend required How do I enter the lounges? Present your membership QR code to the lounge staff Are guests allowed in the lounges for primary credit card holders?
  • Yes, guests are allowed provided they are accompanying the cardholder on the same flight.
  • Each guest will be charged by $32 per visit (to be paid at the lounge)
Are guests allowed in the lounges for supplementary credit card holders?
  • Yes, guests are allowed provided they are accompanying the cardholder on the same flight.
  • Each guest will be charged by $32 per visit (to be paid at the lounge)
How will my guest get access to the lounge? With the same QR or Digital membership generated by the Primary OR Supplementary cardholders. Can I use my physical card to enter the lounge? You will only be able to access lounges by presenting your membership QR code from the mobile app. Do I have to book the lounge access ahead of my visit? No prior reservation is required How can I submit a complaint or an inquiry?
  • In case of prior registration press “Help” button placed on the signing up page in “Visa Companion Application”
  • In case of after registration press “Contact” button placed on the account page.
How can I add more cards? By pressing the “Membership” in the home page bottom menu. Then press on “Add new membership” and start registering the other card.

  • No worries, click here to retrieve your username
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PRESS RELEASE – Q3 - 2016 RESULTS

Strong set of results in a changing environment, generating a net profit of EGP 975.7 million at end of September 2016

Highlights on 2016 results till end of September:

  • Growth of Year to Date Net Income after tax by 30.1%, reaching EGP975.7 million
  • Growth Deposits by 13.9% reaching EGP30,367.3 million
  • Increase of Gross Loans by 3.8% reaching EGP15,234.1 million

 An overall satisfactory commercial development:
During the 9 months of 2016, Credit Agricole Egypt has pursued its growth path according to the set strategy putting customers at the top of the bank’s priorities. The global performance of the different lines of business triggered a satisfactory and ongoing evolution in the overall balance sheet up by 10.7% Year on Year.

The bank witnessed a robust growth of clients’ deposits moving upward by 13.9% over December 2015, especially low cost deposits up by 19.5% contributing to maintain low cost of funds despite continuing interest rates hike.

Gross loans portfolio increased by 3.8% over December 2015, due to a selective policy for Retail (+11.9%) and Corporate loans with special emphasis on reducing FCY exposure since beginning of 2016. In addition to Corporates and Enterprises’ weaker demand, it’s led to a decrease in Corporate loans outstanding (-1.1%).

The number of customers has witnessed a growth of 6.2%, over the 9 months of 2015, in parallel to the development of the bank’s network to reach 80 branches as of September 2016 after the recent opening of a new branch in Mansourah.

Deposits – EGP Million YTD
Sep-2016		 YTD
Dec-2015		 Variance
 High Cost 18,442.4 16,682.2 10.6%
 Low Cost 11,924.9 9,981.0 19.5%
Total 30,367.3 26,663.2 13.9%

 

Loans – EGP Million YTD
Sep-2016		 YTD
Dec-2015		 Variance
 Retail 5,269.1 4,706.9 11.9%
 Banks 269.4 167.5 60.9%
 Corporate 9,695.6 9,807.2 -1.1%
Total 15,234.1 14,681.6 3.8%

 

An ongoing  sustainable profitability:

During the 9 months of 2016, the growth of the Net Banking Income has reached a very satisfactory level of 15.9% over same period 2015. This is triggered by the rise of the Net Interest Income by 25.7% driven by both higher margins and volumes; especially in Retail banking, local currency loans and low cost deposits. As for the net commissions and fees, it has recorded a decrease of 6.0%, mainly in Trade Finance and Foreign Exchange commissions impacted by the slowdown in volumes of transactions due to foreign currency scarcity.

Income Statement – EGP Million Q32016 Q22016 Q32015 Q3-16 Vs.

Q3-15

 YTD
Sep-2016		 YTD
Sep-2015		 Variance
Net Interest Income 537.1 476.2 402.2 33.5% 1,455.7 1,158.2 25.7%
Net Fees & Commission Income 103.9 120.9 118.1 -12.0% 340.0 361.8 -6.0%
Net Trading Income 27.5 45.4 33.5 -17.9% 122.1 126.7 -3.6%
Other Operating Income 4.6 7.1 1.3 253.8% 14.6 20.1 -27.4%
Net Banking Income 673.1 649.7 555.1 21.3% 1,932.4 1,666.8 15.9%
Total Expenses (214.3) (208.1) (194.1) 10.4% (629.1) (578.6) 8.7%
Gross Operating Profit 458.8 441.5 361.0 27.1% 1,303.3 1,088.2 19.8%
Other Income (Expenses) 44.0 (5.7) 21.5 104.7% 48.3 38.0 27.1%
Income Before Impairment &Tax 502.8 435.8 382.5 31.5% 1,351.6 1,126.2 20.0%
Impairment (65.3) (18.5) (38.1) 71.4% (89.5) (89.2) 0.3%
Net Income Before Tax 437.5 417.4 344.4 27.0% 1,262.1 1,037.0 21.7%
Tax (94.1) (98.5) (77.5) 21.4% (286.4) (287.1) -0.2%
Net Income 343.4 318.8 266.9 28.7% 975.7 749.9 30.1%
Cost / Income Ratio 31.8% 32.0% 35.0% 32.6% 34.7%

 

Credit Agricole Egypt continued to improve its efficiency, achieving a Cost/Income Ratio of 31.8%; Expenses growth (+8.7%) is driven by staff costs increase, as well as continuous investments to support digital transformation of the bank. It should be noted that September has witnessed the launch of a state-of-the art Mobile banking application (banki by Credit Agricole), a new bank website and the preparations for the Mobile wallet, as part of the Omni Channel development strategy of the bank.

In a context of slower economic growth and higher constrains in foreign exchange market, Credit Agricole Egypt increased its general provisions, explaining growth of Cost of Risk in Q3 2016 despite the moderate increase of non-performant loans. The bank will continue to enhance cautious provisioning policy in Q4 2016.

The income before impairment and taxation reached EGP 1,351.6 million, thus moving up by 20.0%. The tax rate decrease to 22.5% in 9 months 2016 has contributed positively to profit growth.

High profitability, Good Quality of Assets and Strong Solvency:

Continuous strong Risk management, productivity and efficiency metrics are constantly followed and ensured within solid solvency, in order to support the ongoing growth of the bank’s activities.

Following devaluation of EGP early in November 2016 (from 8.88EGP/ 1 USD to 13.0EGP / 1 USD) This was just for the first day after devaluation, Capital Adequacy Ratio decreased from 14.8% to 12.6% as direct impact of currency devaluation in EGP equivalent of Risk Weighted Assets in FCY (increasing denominator of the ratio). No significant impact of interest rates hike which occurred the same day (+300 bp in CBE corridor rates) is recorded on capital base (numerator of the ratio), thanks to prudent management of securities portfolios of the bank. Moreover, high level of profitability will  be maintained in the coming months, benefiting from favorable environment of higher interest rates and free floating currency system. This will allow the bank to manage properly its Capital Adequacy Ratio thanks to 2016 Net Profit and continuous support of Credit Agricole Group.

Conclusion:

Credit Agricole Egypt kept delivering high level of performance for the first 9 months of 2016 through robust business and profits growth, while maintaining good quality of assets and strong solvency. As a result, the bank achieved an increase of net income after tax of 30.1% over 2015, which reached EGP975.7 million.

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