Leading private sector bank CIB posted EGP 10.2 bn in consolidated net income in 2020, down 13% y-o-y from EGP 11.8 bn the year before, according to a company statement released overnight (pdf). The bank’s bottom line in 4Q2020 came in at EGP 2.89 bn, dipping 11% y-o-y from EGP 3.26 bn in 4Q2019. Revenues for the quarter were up 7% y-o-y to EGP 6.58 bn, while full-year revenues were up 12% y-o-y to EGP 25.9 bn. You can also check out the bank’s consolidated financial statements for 2020 (pdf).

Commenting on the results, management said “CIB achieved another milestone in financial performance, while maintaining top-notch solvency,” despite the year being “beset with unprecedented dynamics” for the bank internally and on the macroeconomic front. The lender ramped up its loan loss provisions in 4Q2020 to continue prioritizing solvency over short-term profitability.

Looking ahead, management “remains confident in CIB’s ability to endure any arising challenges, drawing on its resilient balance sheet fundamentals and robust solvency.”

The Housing and Development Bank’s net income dropped 7.4% y-o-y in 2020, netting EGP 2.1 bn compared to EGP 2.2 bn in 2019, according to the bank’s earnings release (pdf).