CIB profit hits EGP 41.6 bln in FY ’23

The Commercial International Bank-Egypt (CIB) recorded net pre-tax profits of 41.6 billion Egyptian pounds at the end of December 2023, an annual growth of 74 per cent from 23.9 billion pounds in 2022, according to its report sent to EGX on Monday.

CIB reported Q4 2023 consolidated net income of 7.23 billion pounds, up by 83 per cent from Q4 2022. Full-Year 2023 consolidated net income reached 29.6 billion pounds, up by 84 per cent from last year, the report added.

Full-Year 2023 standalone revenues recorded 54.6 billion per cent, up 67 per cent from full-year 2022, on the back of 71 per cent increase in net interest income, while non-interest income had a marginal decrease by four per cent.