CIB’s net income rose 17% y–o-y to EGP 3.95 bn in 4Q 2022, according to its latest earnings release (pdf). The bank recorded revenues of nearly EGP 9.8 bn, up 41% on the same period last year.

Full-year results: The EGX bellwether saw net income rise 21% y-o-y to EGP 16.1 bn in FY 2022. Revenues were up 23% y-o-y to EGP 32.9 bn, backed by a comparable rise in net interest income. The bank’s loan portfolio grew by more than a third over the course of 2022 to reach EGP 222 bn. Deposits were also up by almost a third y-o-y to EGP 530 bn, led by an 18% rise in local currency deposits. Both CIB’s loan and deposit portfolios were significantly boosted by the impact of the EGP devaluation on the bank’s balance as expressed in local currency, it said.

What they said: “Ending a year packed with extraordinary global and local challenges, CIB achieved another milestone in 2022, delivering record financial performance, while maintaining pioneer solvency. This came as management wittingly capitalized on the bank’s solid grounding and agile balance sheet structure, which came in largely accommodating for the unforeseen dynamics on most fronts,” the release reads.