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CIB saw its net income surge 89% y-o-y in 3Q 2023 to EGP 8.4 bn on the back of an increase in net interest income, the EGX-listed lender said in its latest earnings release (pdf). Net interest income jumped 71% to almost EGP 8.1 bn, pushing revenues to EGP 8.5 bn, up 64% y-o-y.
A strong year so far: The bank’s net income rose 84% y-o-y to EGP 22.4 bn in the first nine months of 2023, while revenues jumped 70% y-o-y to EGP 39.3 bn. CIB’s gross loan portfolio increased 15% over the nine months to record EGP 255 bn, while deposits in local and foreign currencies grew 26% to reach an equivalent of EGP 666 bn.
What they said: “Notwithstanding the outlook beset with challenges, CIB was able to sustain its comfortable solvency, largely fueled by its typical strong financial performance, as well as its robust liquidity and asset quality levels,” the bank’s management said.
JUHAYNA NET INCOME SURGES-
Dairy giant Juhayna’s net income rose 108% y-o-y in 3Q 2023 to EGP 323 mn, according to the company’s earnings release (pdf). The company’s revenues rose 50% y-o-y for the quarter to EGP 4.5 bn on the back of strong demand and an increase in prices. The quarter also saw exports jump 79% y-o-y to EGP 265 mn.
Strong growth for 9M 2023: Juhayna’s net income rose 85% y-o-y during the first nine months of the year to EGP 879 mn, while revenues grew by 43% y-o-y to EGP 11.7 bn. The company attributed the growth to its “ability to pass on price hikes, vertical integration, and strategic relationships with its suppliers,” as well as its cost reduction strategy. The company has responded to rising inflation by hiking prices by more than 30% during the nine-month period. Exports almost tripled y-o-y in 9M 2023 to EGP 931 mn, making up 8% of the company’s revenues.
Juhayna to merge subsidiaries: The company’s board last week approved a decision to merge its six subsidiaries, it said in a regulatory filing (pdf) on Thursday. The board also greenlit a decision to tap Zilla Capital as financial advisor for future acquisitions amid the company’s search for new investments. The disclosure didn’t provide any details about its future plans.
