CIB’s net income surged 62% y-o-y to EGP 3.81 bn in 3Q2021 as net interest income of EGP 6.5 bn contributing to 7% year-on-year growth in revenues to EGP 7.14 bn, the bank said in its quarterly financials (pdf) and earnings release (pdf). The nation’s largest private-sector bank saw continued momentum in loan growth, with local currency loans seeing a record growth of 26% over 2020. CIB recorded a capital adequacy ratio of 32.1% by the end of the quarter, above the minimum regulatory requirement.

Commenting on the results, management said the bank “hit a new record in the third quarter of 2021, with remarkable bottom line growth compared to last year.” CIB’s performance was buoyed by resilient solvency and balance sheet fundamentals. Management also noted that “CIB’s prudent risk management and healthy coverage” meant the bank successfully managed “a significant slowdown in provision accumulations” after banking bottom lines in Egypt were affected as many lenders set aside provisions to protect against bad loans. Loan growth and moderated provisions helped the bank mitigate against expected and unexpected losses, and maintain its prime market position, management noted.

Looking forward: “Management remains positive about CIB’s capability to sustain its leading market position, drawing largely on its unique coverage and its adaptable balance sheet structure, which would allow for stable navigation through unforeseen market dynamics,” the earnings release said.

The Housing and Development Bank’s net income inched up to EGP 1.43 bn in the first nine months of 2021, up 0.7% from the same period last year, according to a bourse filing (pdf). The bank’s interest income jumped 18% y-o-y to EGP 5.1 bn during the period.