A record half for CIB: The bank’s net income surged 96% y-o-y to EGP 27.5 bn in 1H 2024, the EGX-listed lender said in its latest earnings release(pdf). The bank’s revenues jumped 82% on an annual basis to EGP 46.3 bn during the period. The lender’s performance during the first half of the year — its strongest to date — was driven by sharp rises in its interest and non-interest income and a “focus on sustainable, rather than transient, stream of non-interest income,” the release read.

The details: The bank’s net interest income grew 74% y-o-y to EGP 41.4 bn during the half, while its non-interest income saw a 176% y-o-y increase to just under EGP 4.8 bn. CIB also saw its gross loan portfolio grow 24% on an annual basis to EGP 331 bn, while deposits rose 27% y-o-y to EGP 858 bn during the first half of the year.

On a quarterly basis: CIB’s revenues grew 81% y-o-y to EGP 24.4 bn during 2Q 2024, while its net income rose by 96% y-o-y to EGP 15.6 bn during the quarter.

What they said: “Looking forward, and in light of relatively stabilizing economic conditions, management remains cautiously optimistic with confidence in the agility of the Egyptian Banking Sector to sail through current economic developments, and in the ability of CIB to safeguard its market-leading financial performance, while maintaining its robust coverage and healthy solvency intact,” the bank's management said.

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