CIB’s 3Q net income falls 17% y-o-y, 9M core earnings grow 18%

Here are the stories driving the day, both at home and abroad. CIB’s consolidated net income fell 17% y-o-y to EGP 23.8 bn in 3Q 2026, a drop that comes down to a one-off in last year’s base, according to the lender’s earnings release. Revenue rose 28% y-o-y to EGP 37.0 bn during the quarter. On a q-o-q basis, net income climbed 11% from 2Q, for which the bank previously posted a 29% y-o-y jump.

One-offs on both sides: 3Q 2025 included a EGP 13.1 bn provision release after CIB recalibrated its expected credit loss model. This year’s quarter had two smaller ones: a EGP 2.0 bn regulatory expense reversal and a EGP 2.1 bn provision release tied to a single corporate client’s repayment, which together added a net EGP 3.4 bn after tax. Strip both years’ one-offs out and nine-month net income grew 18% (9% in USD terms), the bank says, against a reported 2% rise to EGP 63.1 bn. The same adjustment cuts the other way for the quarter: without this year’s one-offs, 3Q net income would have been about EGP 20.4 bn, around 5% below 2Q, by our math.

^^We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- We’re in for more of the same on the weather front in Cairo tomorrow, with temperatures peaking at just 26°C before further cooling down to an overnight low of 16°C, according to our favorite weather app.

MAKING HEADLINES ABROAD-

Russia, Ukraine, and the US began two days of trilateral talks in Abu Dhabi, the first such negotiations since February, as Washington pushes for an end to the war. US special envoys Steve Witkoff and Jared Kushner are leading efforts to bridge differences, with discussions focused on security guarantees and a possible settlement.

However, Moscow and Kyiv remain far apart on key terms, with Russia controlling around a fifth of Ukrainian territory. The talks opened after a fresh wave of Russian strikes across 10 Ukrainian regions killed at least nine people and injured 39 while damaging five major electricity substations. Ukrainian President Volodymyr Zelenskyy accused Moscow of intensifying its attacks to pressure Kyiv ahead of negotiations.

MEANWHILE- Oil prices fell to their lowest level since late August today after US President Donald Trump said the war on Iran was “effectively over” and downplayed the prospect of further strikes. Brent crude dropped to USD 90.7 / bbl while WTI crude fell to USD 85.4 / bbl as of the time of publication. Global stock markets climbed as investors welcomed signs that the conflict could be nearing an end.

IN THE BUSINESS PRESS- Anthropic is targeting a valuation of up to USD 1.02 tn in an IPO that could raise USD 64.4 bn, according to a regulatory filing released today. The Claude-maker is also seeking another USD 26 bn through a private placement involving major investors including Google, Nvidia, and AMD. Combined with commitments from other cornerstone investors, including Microsoft, Broadcom, Micron, and TSMC, the offering could raise as much as USD 90.4 bn. The IPO is expected to begin marketing to investors this week and could become the largest public listing in history.