Egypt’s Commercial International Bank net profit at EGP 13.2 billion in 2021

Commercial International Bank (CIB), one of Egypt’s largest private banks, reported on Tuesday a net profit worth 13.267 billion Egyptian pounds ($844.5 million) for 2021, up from 10.236 billion pounds for 2020.

Profit before tax stood at 18.8 billion pounds at the end of December 2021 from 15.2 billion pounds at the end of December 2020.

Total assets recorded 496.6 billion pounds in 2021 from 426.144 billion pounds in 2020. Customers’ deposits also rose to 406.100 billion pounds from 340.086 billion pounds.

In the fourth quarter of 2021, the bank reported an annual record growth in net profit.

CIB registered a 17 percent year-on-year growth for the fourth-quarter net profit to 3.4 billion pounds.

“Following a year of continued uncertainty, CIB achieved yet again its record performance in 2021, reiterating its leading market position in terms of both profitability and solvency through the year, while remaining committed to elevate the overall customer banking experience.” the bank said in a statement