Commercial International Bank (CIB) reported a rise of 21% in 2022 net profit, with revenue boosted by the bank’s solid grounding and robust balance sheet structure that largely offset the “unforeseen dynamics on most fronts.”
Net profit for 2022 was $527 million (EGP 16.1 billion), up from $435 million (EGP 13.3 billion) in the previous year. Revenue increased to $1.1 billion (EGP 32.9 billion), a 23% year-on-year increase from $874 million (EGP 26.7 billion) in 2021.
CIB said that its loan portfolio grew by more than a third in 2022 to reach $7.3 billion (EGP 222 billion) while deposits surged by nearly a third to $17.4 billion (EGP 530 billion) in 2022, driven by an 18% rise in local currency deposits. CIB said in a bourse filing that both its loan and deposit portfolios were significantly boosted by the impact of the pound devaluation on the bank’s balance as expressed in local currency.
Egypt’s largest private bank kicked off 2023 with the $40 million acquisition of the remaining 49% stake in Mayfair-CIB Bank, making the Kenya-based lender a fully owned subsidiary of CIB. Last year, the state-owned National Bank of Egypt increased its stake in CIB to 9.13% from 8.27%.
The bank expanded its network to reach a total of 190 branches and 21 units across Egypt in 2022, supported by a network of 1,307 ATMs.
