Egypt’s Commercial International Bank net profit surges 22% in H1, 24% in Q2

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.

CIB’s deposit market share recorded 6.67 percent as of April 2021, maintaining the highest deposit market share among all private-sector banks.

Second-quarter standalone revenues rose 1 percent year-on-year to 6.32 billion pounds. First-half 2021 standalone revenues fell 1 percent year-on-year to 12.6 billion pounds, “wholly driven by 6 percent decrease in net interest income, mostly offset by non-interest income coming 5x higher YoY.”

Total tier capital recorded 67.8 billion pounds, or 32.0 percent of risk-weighted assets as of June 2021.Tier I capital reached 61.0 billion pounds, or 90 percent of total tier capital.