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Thursday, 8 November 2018

Egypt’s CIB posts 3Q2018 results

EARNINGS WATCH- CIB posts record third quarter earnings: Our friends at CIB delivered a 24% y-o-y rise in net income of EGP 2.6 bn in 3Q2018 on revenues of EGP 6.01 bn (up 45% y-o-y). Commenting in the bank’s earnings release overnight, management said CIB’s strong performance underscores the bank’s resilience amid an uncertain macroeconomic environment, particularly with the emerging markets sell-off. Management also noted that topline growth was backed “by an impressive growth in local currency deposits, which added EGP 29 bn from 2017 year-end and EGP 14 bn over the quarter, alongside a recovery in foreign currency lending activity by the start of 2018.” CIB’s capital adequacy ratio rose to 19.1%, up 13% y-o-y, which is “comfortably above the current minimum regulatory requirement, and with a buffer sufficient enough to accommodate the higher requisites which will accompany the onset of 2019 as well as keeping an open eye to market dynamics that may pose pressure on capital adequacy levels.” You can read CIB’s full earnings release here (pdf).

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