Credit Agricole Egypt 2007 profit rises to $95 mln
CAIRO, Feb 27 (Reuters) - Credit Agricole Egypt's (CIEB.CA) 2007 net profit rose more than 24-fold to 523.94 million Egyptian pounds ($95.3 million) compared with 2006, the stock exchange said on Wednesday.
The bank, formed in August 2006 after the merger of Calyon Bank Egypt and Egyptian American Bank, reported a net profit of 20.6 million pounds in 2006.
The firm, which is a subsidiary of French bank Credit Agricole (CAGR.PA), obtained approval in September 2006 to reduce its paid-up capital from 2.865 billion pounds to 1.148 billion pounds to write off goodwill of 1.7 billion pounds that resulted from the share swap during the merger.
Credit Agricole Egypt said in January it planned to double its branch network in Egypt by 2010 and expand lending by around a third each year as Egypt's economy surges.
Shares in Credit Agricole, Egypt's third-largest listed lender by market value, were trading 0.2 percent higher at 24.89 pounds at 1008 GMT. (Writing by Wael Gamal, editing by Will Waterman)
