CIB wrapped up 2024 “on a high note:” The lender saw its net income surge 78% y-o-y to EGP 12.8 bn during 4Q 2024, according to a press release (pdf). The bank saw its revenues climb 57% y-o-y to EGP 27 bn during the quarter.

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The details: The bank’s net interest income grew 67% y-o-y during the three-month period to EGP 25.4 bn while non-interest income dropped 17% y-o-y to EGP 1.6 bn.

For the full year: CIB posted a net income of EGP 55.2 bn, marking a 86% y-o-y increase, while revenues jumped 68% y-o-y to EGP 99 bn on the back of a 72% y-o-y increase in net interest income and a 34% y-o-y increase in non-interest income. The bank also saw its gross loan portfolio increase 50% y-o-y during the year, recording EGP 399 bn, while its deposits were up 43% y-o-y to EGP 968 bn.

What they said: “CIB ended 2024 on a high note, achieving another milestone in financial performance, reiterating its leading market position in terms of both profitability and solvency through the year, while remaining committed to elevate the overall customer banking experience,” the bank’s management said.

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