CIB saw its net income surge 83% y-o-y to EGP 7.2 bn in 4Q 2023, the EGX-listed lender said in its latest earnings release (pdf). Revenues rose 71% y-o-y in the quarter to EGP 16.3 bn in the same period.

2023 was a good year: CIB’s bottomline for the year rose 84% y-o-y to EGP 29.6 bn in 2023. The company’s topline for the year also saw stronger performance, climbing 70% from the year before to reach EGP 56 bn. CIB’s gross loan portfolio increased 20% over 2023 to record EGP 266 bn, while deposits in local and foreign currencies grew 27% to record EGP 675 bn.

What they said: “Despite adverse market conditions caused by the simultaneous and sequential global and local events, CIB has demonstrated the strength and sustainability of its business model by achieving yet another record year of financial performance, while maintaining industry-leading solvency levels in the market,” the bank’s management said.

ALEX CONTAINER SEES INCOME RISE IN 1H FY 23-24-

Alex Container and Cargo Handling saw its net income rise 22% y-o-y to EGP 2.2 bn during the first half of the fiscal year 2023-2024, according to the company’s earnings release (pdf). The EGX-listed company’s revenues grew 27% y-o-y during the same period to EGP 2.5 bn.

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