Credit Agricole Egypt says H1 profit drops 30 per cent

Reuters, Sunday 31 Jul 2011

Egyptian operations for French banking group see profits slump to LE140.7 million as a partial result of the uprising's two-week imposed closure

Credit Agricole Egypt net profit for the first six months fell 30 per cent from a year earlier, the bank said on Sunday.

Egyptian banks were hurt by the uprising that toppled President Hosni Mubarak earlier this year, when political turmoil and worker strikes prompted the central bank to close banks for nearly two weeks.

Credit Agricole Egypt, owned 60 per cent by France's Credit Agricole , said net profit dropped to LE140.7 million from LE201.6m in the first half of 2010, it said.

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