{"id":543873,"date":"2022-02-22T03:54:45","date_gmt":"2022-02-22T03:54:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/cib-reports-another-earnings-record-with-4q-fy2021-results\/"},"modified":"2022-02-22T03:54:45","modified_gmt":"2022-02-22T03:54:45","slug":"cib-reports-another-earnings-record-with-4q-fy2021-results","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/cib-reports-another-earnings-record-with-4q-fy2021-results\/","title":{"rendered":"CIB reports another earnings record with 4Q\/FY2021 results"},"content":{"rendered":"

<\/a> EGX30 heavyweight CIB reported a 17% year-on-year rise in net income<\/strong> in 4Q2021, turning in an EGP 3.4 bn bottom line on revenues of EGP 7.0 bn (+5% y-o-y). Management said in commentary appended to the bank\u2019s 4Q\/FY2021 earnings release (pdf)<\/a> that CIB continued to \u201clead the market \u2026 in both profitability and solvency\u201d throughout 2021. CIB turned in net income of EGP 13.3 bn (+30% y-o-y) for the full year on revenues of EGP 26.7 bn (+3%).<\/p>\n

What drove growth in profitability? <\/strong>The bottom line performance was \u201cexceptionally strong\u201d thanks to CIB\u2019s \u201cunique coverage and flexible balance sheet structure,\u201d the statement said. Local currency lending grew a sharp 29% and foreign-currency loans also continued to grow. Profitability was also supported by an uptick in \u201ccontingent business and foreign exchange trading activities, generating a significant rebound in core fees and commissions.\u201d Return on average equity came in at a strong 21.9%, but 255 basis points for the year.<\/p>\n

Digital transformation takes hold: <\/strong>CIB said it finished the year ranked number one in \u201cin governmental and commercial domestic E-payment transactions.\u201d It had more than 1 mn users of its consumer online banking services at year\u2019s end and posted a more than 100% increase in transaction value for the year, with customers transferring some EGP 861 bn across the bank\u2019s digital channels.<\/p>\n

Looking ahead: <\/strong>CIB\u2019s management team said it would continue to push retail and corporate loan growth to \u201csupport the economy.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX30 heavyweight CIB reported a 17% year-on-year rise in net income in 4Q2021, turning in an EGP 3.4 bn bottom line on revenues of EGP 7.0 bn (+5% y-o-y). Management said in commentary appended to the bank\u2019s 4Q\/FY2021 earnings release (pdf) that CIB continued to \u201clead the market \u2026 in both profitability and solvency\u201d throughout […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7208],"tags":[240,409,72,183],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543873","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-cib","tag-earnings-watch","tag-enterpriseam","tag-fintech","wpautop","entry"],"acf":{"mongo_id":"4b32ba41-ffd5-4c3d-b9a6-77b270c7c38b","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[543857],"teaser":"","voice_url":""},"yoast_head":"\nCIB reports another earnings record with 4Q\/FY2021 results - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/22\/cib-reports-another-earnings-record-with-4q-fy2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB reports another earnings record with 4Q\/FY2021 results\" \/>\n<meta property=\"og:description\" content=\"EGX30 heavyweight CIB reported a 17% year-on-year rise in net income in 4Q2021, turning in an EGP 3.4 bn bottom line on revenues of EGP 7.0 bn (+5% y-o-y). 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