EGX30 heavyweight CIB reported a 17% year-on-year rise in net income in 4Q2021, turning in an EGP 3.4 bn bottom line on revenues of EGP 7.0 bn (+5% y-o-y). Management said in commentary appended to the bank’s 4Q/FY2021 earnings release (pdf) that CIB continued to “lead the market … in both profitability and solvency” throughout 2021. CIB turned in net income of EGP 13.3 bn (+30% y-o-y) for the full year on revenues of EGP 26.7 bn (+3%).

What drove growth in profitability? The bottom line performance was “exceptionally strong” thanks to CIB’s “unique coverage and flexible balance sheet structure,” the statement said. Local currency lending grew a sharp 29% and foreign-currency loans also continued to grow. Profitability was also supported by an uptick in “contingent business and foreign exchange trading activities, generating a significant rebound in core fees and commissions.” Return on average equity came in at a strong 21.9%, but 255 basis points for the year.

Digital transformation takes hold: CIB said it finished the year ranked number one in “in governmental and commercial domestic E-payment transactions.” It had more than 1 mn users of its consumer online banking services at year’s end and posted a more than 100% increase in transaction value for the year, with customers transferring some EGP 861 bn across the bank’s digital channels.

Looking ahead: CIB’s management team said it would continue to push retail and corporate loan growth to “support the economy.”