Commercial International Bank (CIB), one of Egypt’s largest private banks, revealed on Tuesday its financial results for both the first half and second quarter of the year, reporting a 22 percent year-on-year growth in first-half net profit.
Net profit grew to 6.090 billion Egyptian pounds ($388 million) for the first half of 2020, according to the bank’s bourse filling. Second-quarter net profit also rose 24 percent year-on-year to 3.22 billion pounds.
Revenues also hiked 2 percent year-on-year to 6.36 billion pounds for the second quarter and stood at 12.6 billion pounds for the first half of the year.
Deposits recorded 385 billion pounds, growing by 13 percent year-to-date (YTD).
“Growth was driven mainly by local currency deposits, growing by 15 percent or EGP 37.8 billion, besides foreign currency deposits, adding 8 percent or USD 470 million.” the bank added in a statement.
The bank attributed revenue growth to “robust deposit growth,” and an “impressive revival in corporate lending” thanks in part to a rise in trade finance and forex trading activities, it said in a separate statement (pdf).
Its gross loan portfolio grew 9% to EGP 149 bn during the first six months of the year, while loan loss provisions fell by more than 50% from 1H2020.
What management said: “Building on a strong first quarter of the year, CIB continued to outperform in the second quarter of 2021, which further saw notable growth in the Bank’s balance sheet, particularly in local currency. Local currency deposits grew steadily throughout the quarter, and local currency loans increased by 14%, adding EGP 13 bn in the quarter, back to the all-time high growth levels of early 2017.”
