Net profit for Egypt's biggest private lender CIB up 27pct in 2016

Ahram Online , Wednesday 1 Feb 2017

Commercial International Bank (Photo file: Reuters)

Egypt's largest private lender, the Commercial International Bank (CIB), recorded a consolidated net income of EGP 6 billion in 2016, a whopping 27 percent leap from the previous year, the bank said in a statement on Wednesday.

The CIB reported EGP 11.3 billion in revenues last year, an 11 percent rise from 2015.

"The CIB posted another year of record performance despite the unfavourable macroeconomic environment and increasingly challenging regulatory requirements," the CIB said in its official statement.

Egypt freely floated its currency against the dollar in November as part of its fiscal reform programme implemented since mid-2014 in an attempt to curb a growing state budget deficit that registered 12.2 percent in the fiscal year 2015/16.

According to the statement, the CIB's funding to businesses and individuals grew by 56 percent year-on-year during 2016 to reach EGP 98.2 billion, with a real loan growth of 5.4 percent and a loan market share of 7.03 percent as of September 2016.

The deposits portfolio rose by 49 percent to reach EGP 232 billion during the past year.

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