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Saturday, October 16, 2021

Revenues of the Egyptian Commercial International Bank rose 1.4% to $ 1.5 billion in the first half

The consolidated revenues of the Egyptian Commercial International Bank (CIB) increased by 1.4% during the first half of this year to reach 23.77 billion pounds ($1.5 billion) compared to 23.44 billion pounds ($1.49 billion) in the same period last year, with an increase in fees and commission income by 21.8 % to EGP 1.8 billion ($114.8 million) compared to EGP 1.5 billion ($94.3 million) in the corresponding period of 2020.

And CIB ranked 16th in the Forbes Middle East “50 Most Powerful Banks” list for this year, issued last June, with sales of $3 billion, net profits of $654 million, and assets of $27.3 billion. Ranked 24 on Forbes Middle East’s list of the 100 most powerful companies in the Middle East for the year 2021.

However, net income from fees and commissions increased by 24.2% to 603.8 million pounds ($38.49 million) in the second quarter of this year, compared to 486.3 million pounds ($31 million) in the same quarter of 2020.

The bank’s net profit rose during the second quarter of this year by 23.1% to 3.2 billion pounds (205 million dollars) compared to 2.6 billion pounds (165.7 million dollars) in the same quarter last year.

The Commercial International Bank had confirmed the start of correcting the violations attributed to it, which caused the departure of its former president, Hisham Ezz Al-Arab from his position, and the appointment of Sherif Sami as his successor last October.

The domestic credit provided to the private sector in Egypt rose last year to 27.26% of GDP, compared to 24.02% of output in 2019, according to World Bank statistics, while the global ratio reached 147.9% of GDP in 2020, compared to 131.9% of output in 2019.

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