Source: The CIB Investor Relations release on the CIB website is attached.
Commercial International Bank (COMI) has unveiled its consolidated earnings for the third quarter of 2024, showcasing a net income of EGP 14.8 billion, marking a surge of +77% year-over-year. Furthermore, the bank's nine months net income stands at EGP 42.3 billion, reflecting a +89% year-over-year growth.
The following are part of the CIB earnings release.
Loans
Gross loan portfolio recorded EGP 353 billion, growing by 33% over nine-months 2024, with real growth of 15% net of the EGP devaluation impact, which added EGP 41.7 billion to the EGP equivalent balance. Growth was driven wholly by local currency loans, increasing by 27% or EGP 51.6 billion, sufficiently counterbalancing net foreign currency loan repayments of 5% or USD 127 million. CIB’s loan market share reached 4.62% as of May 2024.
Deposits
Deposits recorded EGP 897 billion, growing by 33% over nine-months 2024, with real growth of 13% net of the EGP devaluation impact, which added EGP 119 billion to the EGP equivalent balance. Growth was driven by local currency deposits, increasing by 15% or EGP 67.9 billion, together with foreign currency deposits adding 10% or USD 707 million. CIB’s deposit market share recorded 6.94% as of May 2024.
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Institutional Banking
End-of-period gross loans were EGP 268 billion, 35% higher Year-to-Date (YTD), with real growth of 12% net of the EGP devaluation impact, predominantly on 28% growth in local currency loans.
End-of-period deposits were EGP 304 billion, 23% higher YTD, with real growth of 4% net of the EGP devaluation impact, backed by foreign currency deposits increasing by 9%, whereas local currency deposits came in flat YtD.
Gross outstanding contingent business reached EGP 293 billion, 63% higher YTD
Buisness Banking
End-of-period gross loans were EGP 11 billion, 29% higher YTD, wholly on 29% growth in local currency loans.
End-of-period deposits were EGP 83 billion, 39% higher YTD, with real growth of 20% when excluding the EGP devaluation impact, mainly on 26% growth in local currency deposits, coupled with 10% growth in foreign currency deposits.
Gross outstanding contingent business reached EGP 4.7 billion, 27% higher YTD.
Retail Individuals Banking
End-of-period gross loans were EGP 74 billion, 25% higher YTD, with real growth of 24% net of the EGP devaluation impact, wholly on 25% growth in local currency loans.
End-of-period deposits were EGP 510 billion, 38% higher YTD, with real growth of 18% net of the EGP devaluation impact, driven by growth in local and foreign currency deposits by 22% and 12%, respectively.
CIB continued to expand its network to reach a total of 194 branches and 15 units across Egypt, supported by a network of 1,381 ATMs.
Source: The CIB Investor Relations release on the CIB website is attached.
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