CIB ended 3Q 2024 on a “positive note,” with its income recording EGP 14.8 bn, rising 77% y-o-y. The country’s largest private lender saw its top line jump 83% y-o-y to EGP 25.3 bn during the three-month period, according to a press release (pdf).

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The details: The bank’s net interest income grew 74% y-o-y during the three-month period to EGP 24 bn and non-interest income sat at EGP 1.1 bn.

The bigger picture: The lender saw its net income jump 89% y-o-y during the first nine months of the year to EGP 42.3 bn and its revenues rise 82% y-o-y to EGP 71.5 bn. Net interest income saw a 74% y-o-y jump to EGP 65.7 bn during the first nine months of the year and non-interest income came in at EGP 5.9 bn. CIB also saw its gross loan portfolio grow 33% y-o-y during the nine months, recording EGP 353 bn, with its deposits also growing 33% y-o-y to EGP 897 bn.

What they said: “In a quarter that exhibited relative macroeconomic stability, this upheld financial performance comes as a further testament to the true metal of CIB, as it came primarily backed by genuine and organic growth in business acquisitions, while simultaneously not compromising on spreads and margins, which management deems as the Bank’s core sustainable stream of revenue growth,” management commented on the earnings.

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