CI Capital net income up 44% in 4Q 2021
CI Capital’s net income rose 44% y-o-y to EGP 269 mn in 4Q 2021, according to the company’s earnings release (pdf). Consolidated revenues rose 20% during the October-December period to EGP 923 mn, with net interest income rising 9% to EGP 293 mn. On a full-year basis, CI Capital reported a 44% y-o-y increase in its net income, recording EGP 681 mn. Revenues rose 56% y-o-y in 2021, reaching EGP 3.68 bn, with non-banking financial services operations accounting for 57% of the total.
The growth came on the back of increased lending activity across the firm, with CI Capital extending EGP 8.5 bn in new loans in 2021 pushing their on-balance financing sheet portfolio to EGP 11.3 bn, according to a press release (pdf). Meanwhile, investment banking also saw an “unprecedented” performance, growing 4.1x y-oy in 2021 as CI Capital executed six landmark agreements worth more than USD 1.6 bn during the year. CI’s assets under management rose 44% y-oy to EGP 15.1 bn.
Further expansion is in the cards: CI Capital aims to continue growing their merchant banking platform, Group CEO Hesham Gohar said. Last year, CI acquired a 26.8% stake in Cleopatra Hospital through their JV with Banque Misr, MCI Capital Healthcare Partners. “Looking forward, we remain very excited about furthering our expansion strategy, introducing new innovative solutions to our clients and enhancing our shareholder returns,” Gohar said.