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Monday, 25 July 2022

CIB net income rises 9% in 2Q 2022

CIB’s net income rose 9% y-o-y to EGP 3.5 bn in 2Q 2022 as demand for short-term credit picked up, according to the bank’s latest earnings release (pdf). The bank recorded revenues of EGP 6.9 bn, up 8% from the same period last year. CIB grew its local currency loan book by 20% during the first half of the year, fueling 16% growth in revenues and a 28% jump in net income which hit EGP 7.8 bn over the six-month period.

What they said: “CIB concluded the first half of 2022 with remarkable performance drawing on a resilient Egyptian economy that was able to control the inflationary pressures and pave the way for an encouraging local consumption and a recovery in investment, despite a much fluid global macroeconomic environment,” the bank said.

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