CREDIT AGRICOLE EGYPT
GENERAL ASSEMBLY OF SHAREHOLDERS
31ST MARCH 2022
Proposed Appropriation for the year ended 31 December 2021 based on CBE instructions
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31 December | |
2021 | |
Net profit for the year | 1,592,460 |
Deduct:Banking general risks reserve | (535) |
Deduct:Profit on sale fixed assets | (48,914) |
Distributable Income | 1,543,011 |
Retained earnings at beginning of the year | 4,833,160 |
Deduct: | |
Capital increase from Retained earnings | (3,627,935) |
Total | 2,748,236 |
Appropriated as follows: | |
Legal reserve | 77,177 |
Shareholders' profit distribution | 925,000 |
Employees' profit share | 146,583 |
Banking Sector Support & Development Fund * | 15,430 |
Retained earnings at end of the year | 1,584,046 |
Total | 2,748,236 |
- According to Article 178 of the Central Bank and Banking Sector's Law No. 194 for year 2020, to deduct an amount not exceeding 1% of the distributable year's net profits for the benefit of the Support and Development the Banking Sector