CIB Egypt Q3 Net Income Climbs 51% to EGP920 mln

By Yomna Yasser On Nov 13, 2013

Egypt’s Commercial International Bank – Egypt (CIB Egypt) (COMI.CA), Egypt’s biggest listed bank, said on Tuesday its third-quarter net income climbed 51 percent to 920 million Egyptian pounds ($133.55 million) versus the same period a year ago.

CIB also said its revenue for the quarter had climbed to 1.8 billion pounds, a 24 percent year-on-year increase.

Deposits were 94.1 billion pounds, 19 percent higher than at the end of 2012, the bank said. Its consolidated gross loan portfolio was 45.1 billion pounds at the end of the quarter – 2 percent higher than at the end of 2012.

Net interest income generated 1.28 billion pounds in the quarter, 24 percent higher than in the same period of 2012.

The consolidated gross loan-to-deposit ratio was 47.9 percent at the end of the quarter, down from 55.2 percent a year earlier.

Growth in the deposit base was “a key driver in the bank’s growing top line,” Chairman and Managing Director Hisham Ezz Al-Arab said in a statement.

“Additionally, strong non-interest income performance compensated for the effects of a falling interest rate environment in the third quarter,” he added.

Consolidated non-interest income was 520 million pounds in the quarter, an increase of 23 percent year-on-year.