Credit Agricole Egypt posted a 13.3 per cent increase in 2010 net profit, the stock exchange said on Tuesday.

The bank, owned 60 per cent by France's Credit Agricole, said in a statement to the exchange that consolidated net profit rose to 446.5 million Egyptian pounds from 394.2 million pounds in 2009.

Credit Agricole Bank announced Sunday that it had frozen the accounts of Palm Hills Chairman Yaseen Mansour (the former chairman of the bank) after instructions from the Central Bank of Egypt to seize the funds of those implicated by the Prosecutor General.

The bank signalled in a statement that Yaseen Mansour is a non-executive Member of the Board of Directors of the bank as he is a representative of Mansour Group and Maghrabi Investment Company.

The business tycoon’s company owns 19 per cent of the shares of Credit Agricole Egypt, while 66 per cent belongs to Credit Agricole France.

The families of Ibrahim Al-Maghrabi, former minister of housing, and of Mohamed Mansour, former minister of transport, are the main shareholders of Mansour Group and Maghrabi Investment Company.