Commercial International Bank Egypt’s 2019 net profit up 23.5%

Egypt’s Commercial International Bank (CIB), the largest private bank in the country, on Tuesday posted a 23.5 percent rise in annual net profit.

CIB reported a net profit of 11.8 billion Egyptian pounds ($746 million) in 2019, up from 9.6 billion pounds in 2018, it said in a statement.

Customers’ deposits also increased 6.7 percent to 304.5 billion pounds at the end of 2019, compared with 285.3 billion pounds in 2018.

Loans and credit facilities inched up by 12.2 percent to 119.3 billion pounds from 106.3 billion pounds a year earlier.

The bank’s retail lending portfolio grew by around 17.4 percent to 27.3 billion pounds in 2019 from 23.2 billion pounds in 2018. Personal loans captured the lion’s share in CIB’s retail portfolio, registering 20.2 billion pounds last year, from 17.2 billion pounds a year earlier.

Real estate loans have neared 1.33 billion pounds in 2019, compared with 876.3 million pounds in 2018.

Meanwhile, the bank’s non-performing loans dipped to around 3.99 percent in 2019 from 4.06 percent in 2018.