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CIB achieves EGP 5.355bn net profit during H1of this year - Daily News Egypt

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CIB achieves EGP 5.355bn net profit during H1of this year

Bank's Capital Adequacy Ratio reached 25.82% by end of June 2019


The Commercial International Bank (CIB) achieved a net profit of EGP 5.355bn during the first half (H1) of 2019, compared to EGP 4.424bn in H1 of 2018, with an increase of 21%.

The bank’s profit before taxes was EGP 7.396bn compared to EGP 5.925bn during the same period last year with an increase of 40.4%.

The CIB stated that the net income from revenues during H1 of 2019 jumped by 17%, reaching EGP 10bn from EGP 7.853bn in H2 of 2018.

Meanwhile net income fell by 38% to EGP 805m compared to EGP 1.296bn.

The capital adequacy ratio at the CIB reached 25.82% by the end of H1 of 2019.

The CIB said that this level of capital adequacy supports the bank’s ability to cope with market volatility.

The ratio of non-performing loans (NPLs) reached 4.96% of the total loan portfolio by the end of June 2019. Furthermore, the coverage rate of these loans was about 200%, which reflects the bank’s ability to absorb any unexpected increase in the value of these loans.

It added that in line with the bank’s risk management policy, it allocated EGP 795m by the end of June 2019, compared to EGP 1.291bn by the end of June 2018.

According to the bank’s performance indicators, the value of its loan portfolio by the end of June 2019 amounted to EGP 123.317bn, compared to EGP 119.503bn by the end of December 2018, with a growth rate of 3%.

The bank’s deposit portfolio rose by 7% to reach EGP 305.563bn, compared to EGP 285.297bn.

According to the bank, its investments in treasury bills amounted to EGP 147.743bn at the end of June 2019 compared to EGP 157.744bn at the end of December 2018, with a decline of 6%.

The bank’s total assets reached EGP 361.313bn at the end of H1 of 2019, compared to EGP 342.461bn by the end of 2018, with a growth rate of 6%.

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