CAIRO: Credit Agricole Egypt said on Wednesday its consolidated first-quarter net profit fell 46 percent to LE 58.7 million ($9.9 million), well short of analyst forecasts.
The bank, owned 60 percent by France’s Credit Agricole, had a net profit of LE 108 million for the same period a year earlier, it said in a statement released by the stock exchange.
The average first quarter forecast of four analysts polled by Reuters was LE 96.3 million.
Analysts say banks suffered during the political unrest that led to the resignation of president Hosni Mubarak on Feb. 11. The unrest prompted the central bank to close commercial banks for nearly two weeks.
Credit Agricole Egypt’s standalone first-quarter net profit fell 45 percent to LE 59.9 million.
