Earnings watch: CIB delivers record 4Q, FY2019 results; MNHD profits hit EGP 1 bn
EARNINGS WATCH- CIB delivers record 4Q, FY2019 earnings: CIB posted record consolidated net profits of EGP 3.26 bn in 4Q2019, up 27% y-o-y from EGP 2.56 bn during the same quarter the year before, according to a company statement released overnight (pdf). The bank also delivered record a full-year bottom line of EGP 11.8 bn, up 23% y-o-y. Revenues for the quarter hit EGP 6.15 bn, rising 18% y-o-y, while full-year revenues came in 13% higher y-o-y at EGP 23.0 bn. Management said the strong growth figures came despite “vigorous competition over market funds” in the banking sector as a result of the Central Bank of Egypt’s 450 bps interest rate cuts delivered throughout the year.
Looking ahead: “We remain positive about the economic outlook and confident about CIB’s ability to ride out market variations in light of the expected continuation of the monetary easing cycle, drawing on its proven record of resilient balance sheet fundamentals and effective management besides its affluent capital buffer,” the bank’s management said. Read CIB’s full consolidated earnings release here (pdf).
Madinet Nasr Housing & Development’s (MNHD) net profit grew 5.6% in 2019 to EGP 1 bn in 2019, according to an EGX disclosure (pdf). The company posted consolidated revenues of EGP 2.2 bn during the year, while its presales grew to EGP 6.3 bn.