CIB records profits of LE11.8B in 2019

CAIRO – 4 February 2020: The Commercial International Bank’s (CIB) consolidated profits jumped 23.2 percent in 2019, recording LE 11.8 billion, up from LE 9.58 billion including minority rights in 2018.

According to CIB filing to the Egyptian Exchange (EGX), the bank’s revenues increased to LE 23 billion in 2019, marking an increase of 13 percent on a year-on-year (YoY) basis.

As per the fourth quarter of 2019, the profits jumped 27 percent YoY, recording LE 3.26 billion, through achieving revenues of LE 6.15 billion.

“The fourth quarter of 2019 has been a distinctively good quarter for CIB with regards to lending activity, with both local and foreign currency loans growing by 6 percent and 9 percent over the quarter, respectively, bringing entire-year loan growth to 20 percent” in local currency and 11 percent in foreign currency and foreshadowing an upcoming period of impressive lending uplift in line with Management aspirations and focused efforts to keep tabs on growing the Bank’s core business,” CIB commented in a press release.

"Adding on, Management has been proactive in foreseeing interest rate movements, tactically furnishing the Bank’s treasury portfolio in a way that would smoothly accommodate market dynamics, while retaining sufficient flexibility to capture worthy trading opportunities amidst interest rate descents,” it added.

During the first half of 2019, the bank’s consolidated net income hit LE 5.36 billion, with a 21 percent increase compared to the same half of 2018.

In the first quarter of the same year, the bank recorded profits of LE 2.64 billion, compared to LE 2.02 billion during the same quarter of 2018.

The Commercial International Bank - Egypt (CIB) is a public company, listed on the Egyptian Exchange (EGX) since February 1995.

Founded in 1975, CIB operates within the banks sector, focusing on diversified banks. It has 24 subsidiaries operating across Egypt and the United Kingdom.