CAIRO, Nov 11 (Reuters) - Credit Agricole Egypt, a subsidiary of French bank Credit Agricole, made net profit of 318.8 million Egyptian pounds ($57.7 million) in the first nine months of 2008, down 7.2 percent on the same period of 2007, the bank said on Tuesday.
The bank said the decline was due to "significant extraordinary 'below the line' items in both periods".
"In particular, these include the reversal of significant levels of taxation provisions to income in September 2007, increasing 2007 comparative net income," it added.
But the bank's core business continued to grow, with net interest income up 17 percent and net operating income up 11.8 percent, the bank said in a statement. Expenses grew 22 percent, about the same as the rate of inflation over the period.
The bank has a loan-to-deposit ratio of 37 percent, compared to the Egyptian market average of more than 50 percent, it said.
"This means the bank is well positioned in the market in terms of liquidity, with a strong buffer against the current global liquidity crisis," it added.
Credit Agricole Egypt shares were trading 1.94 percent lower at 10.60 pounds at 12.40 a.m. (1040 GMT). The benchmark index was up 0.12 percent.

($1 = 5.5247 Egyptian pounds)

(Writing by Jonathan Wright; Editing by Hans Peters) Keywords: CREDITAGRICOLE EGYPT/RESULTS (jonathan.wright@thomsonreuters.com; +20 2 2578 3290/1; Reuters Messaging: jonathan.wright.reuters.com@reuters.net)

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