{"id":545912,"date":"2022-04-17T04:12:49","date_gmt":"2022-04-17T04:12:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/cib-reports-sharp-growth-in-top-and-bottom-lines-in-1q-2022-despite-challenging-conditions-education-outfits-cira-and-taaleem-see-revenue-growth\/"},"modified":"2022-04-17T04:12:49","modified_gmt":"2022-04-17T04:12:49","slug":"cib-reports-sharp-growth-in-top-and-bottom-lines-in-1q-2022-despite-challenging-conditions-education-outfits-cira-and-taaleem-see-revenue-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/cib-reports-sharp-growth-in-top-and-bottom-lines-in-1q-2022-despite-challenging-conditions-education-outfits-cira-and-taaleem-see-revenue-growth\/","title":{"rendered":"CIB reports sharp growth in top and bottom lines in 1Q 2022 despite \u201cchallenging\u201d conditions + education outfits CIRA and Taaleem see revenue growth"},"content":{"rendered":"

<\/a> EGX heavyweight CIB reported a 48% y-o-y increase in net income to EGP 4.2 bn <\/strong>in 1Q 2022<\/strong> despite \u201cchallenging\u201d conditions caused by the war in Ukraine, the bank said in its earnings release (pdf)<\/a>. The bank saw standalone revenues rise 22% y-o-y to EGP 7.6 bn on the back of a 16% increase in net interest income.<\/p>\n

What drove growth?<\/strong> The bank\u2019s solid performance was fuelled by strong deposit growth, \u201cproactive treasury management\u201d and 33% growth in local-currency loans, which increased fee and commission income.<\/p>\n

The company has set aside EGP 1 bn in loan loss provisions<\/strong> in response to deteriorating economic conditions caused by the Russia-Ukraine conflict. This covers 11% of the bank\u2019s gross loan portfolio. CIB\u2019s loan book has remained \u201csafely unscathed\u201d by the crisis, with its capital adequacy ratio a \u201ccomfortable\u201d 31%.<\/p>\n

Looking ahead:<\/strong> \u201cManagement remains confident in the bank\u2019s ability to uphold its market-leading performance, on both profitability and solvency fronts, supported by its flexible balance sheet structure and prudent risk management, which would cement the bank\u2019s position against any unforeseen market dynamics,\u201d the bank said.<\/p>\n

\n

Private sector education outfit CIRA reported EGP 943.9 mn in revenues during <\/strong>the first half of its fiscal year<\/strong>, rising 24% y-o-y, according to the company\u2019s earnings release (pdf)<\/a>. CIRA\u2019s fiscal year runs from September-August. The company\u2019s adjusted bottomline rose 20% y-o-y to EGP 298.8 mn, with adjusted EBITDA rising 28% y-o-y to EGP 534.2 mn during the six-month period.<\/p>\n

CIRA faced higher direct operating costs during 1H 2021-2022<\/strong>, including higher wages, maintenance costs, \u201cand other expenses related to its newly developed schools.\u201d The group\u2019s launch of three new faculties at Badr University (BUC), along with work on the Assiut branch of its Badr University, which has yet to open its doors to students, and the establishment of three new schools in its K-12 segment, saw \u201csimilar start-up expenses\u201d in direct operating costs. CIRA has \u201cbeen diligent in implementing an effective cost control model across all of our business<\/p>\n

units to mitigate the effect of current global and local economic conditions on our operations, and ensure that our model is prepared to absorb further potential headwinds,\u201d said CEO Mohamed El Kalla.<\/p>\n

Looking ahead<\/strong>, CIRA expects to kick off the enrollment process at Badr University Assiut in the upcoming 2022-2023 academic year. The company has received licenses for two of the eight faculties it has constructed, and expects to land the remaining six licenses ahead of AY2022-2023, El Kalla said. CIRA is also on track to launch its new nursery in Suez in May, and plans to \u201cexpand our presence throughout Egypt within each of our platforms.\u201d<\/p>\n

\n

Education outfit Taaleem saw an 8% y-o-y increase in its bottomline in 1H 2021-2022 t<\/strong>o EGP 139.5 mn<\/strong>, the company said in an earnings release (pdf)<\/a>. Revenues also rose more than 5% y-o-y to EGP 334.1 mn for the six-month period ending 28 February, despite a slight fall in enrolment, the company said. The strong performance came on the back of higher operating revenues as Taaleem continues to optimize its cost base with an eye to enhancing its margins.<\/p>\n

The figures come despite a dip in enrolment:<\/strong> Total students enrolled at Nahda University in Beni Suef (NUB) declined 2.2% y-o-y on the back of a 48% drop in new admissions. The company said this came as a result of the changes to the Thanaweya Amma<\/a> examination system, which reduced the number of eligible students. NUB raised its average tuition revenue per student by more than 7% y-o-y to EGP 52.3k, reflecting an increase in the number of revenue days compared to the same period last year.<\/p>\n

Looking forward:<\/strong> Taaleem expects further growth during the rest of the academic year, despite challenging conditions given the global situation and the recent devaluation of the EGP, said Managing Director Mohamed El Rashidi in the release. NUB will launch two new faculties \u2014 a faculty of arts and a faculty of architecture \u2014 after getting approval through the required presidential decree. The new faculties will begin operating in September 2022, bringing the total number of faculties at the university to 10, while progress continues on the company\u2019s second higher education institution, Badya University in West Cairo.<\/p>\n","protected":false},"excerpt":{"rendered":"

EGX heavyweight CIB reported a 48% y-o-y increase in net income to EGP 4.2 bn in 1Q 2022 despite \u201cchallenging\u201d conditions caused by the war in Ukraine, the bank said in its earnings release (pdf). The bank saw standalone revenues rise 22% y-o-y to EGP 7.6 bn on the back of a 16% increase in […]<\/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":[204,240,402,302,409,73,72,408],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545912","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-banking","tag-cib","tag-cira-education","tag-earnings","tag-earnings-watch","tag-education","tag-enterpriseam","tag-taaleem","wpautop","entry"],"acf":{"mongo_id":"7f594476-ea1e-43a7-a3b1-ad9402a3a9b2","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545895],"teaser":"","voice_url":""},"yoast_head":"\nCIB reports sharp growth in top and bottom lines in 1Q 2022 despite \u201cchallenging\u201d conditions + education outfits CIRA and Taaleem see revenue growth - 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\/04\/17\/cib-reports-sharp-growth-in-top-and-bottom-lines-in-1q-2022-despite-challenging-conditions-education-outfits-cira-and-taaleem-see-revenue-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB reports sharp growth in top and bottom lines in 1Q 2022 despite \u201cchallenging\u201d conditions + education outfits CIRA and Taaleem see revenue growth\" \/>\n<meta property=\"og:description\" content=\"EGX heavyweight CIB reported a 48% y-o-y increase in net income to EGP 4.2 bn in 1Q 2022 despite \u201cchallenging\u201d conditions caused by the war in Ukraine, the bank said in its earnings release (pdf). 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A 24% rise in fee and commission income offset a drop in net interest income, helping overall revenues to\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/187.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562393,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cib-net-income-up-20-in-1q\/","url_meta":{"origin":545912,"position":2},"title":"CIB net income up 20% in 1Q","author":"enterpriseam admin","date":"23 May 2021","format":false,"excerpt":"Leading private-sector bank CIB\u2019s net income was up 20% y-o-y to EGP 2.87 bn in 1Q2021 compared to EGP 2.4 bn the year before, according to the bank\u2019s earnings statement (pdf). Revenues for the quarter came in at EGP 6.27 bn, a 2% y-o-y dip. An 8% y-o-y decline in\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":701508,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/12\/cib-starts-2026-with-bottom-line-topline-growth\/","url_meta":{"origin":545912,"position":3},"title":"CIB starts 2026 with bottom line + topline growth","author":"enterpriseam admin","date":"12 May 2026","format":false,"excerpt":"The lender saw its net income rise 7%","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/11\/207.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579166,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/29\/cira-sees-higher-revenues-in-1q-2022-2023-but-rising-rates-hit-net-income\/","url_meta":{"origin":545912,"position":4},"title":"CIRA sees higher revenues in 1Q 2022-2023 but rising rates hit net income","author":"enterpriseam admin","date":"29 January 2023","format":false,"excerpt":"CIRA Education reports higher revenues, lower bottomline in 1Q 2022-2023: EGX-listed education services provider CIRA Education reported EGP 104.7 mn in adjusted net income in 1Q 2022-2023, down 3% y-o-y, according to the company\u2019s earningsrelease(pdf). Revenues, meanwhile, jumped 25% to EGP 536.1 mn on rising student enrollment rates. It reported\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":576071,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/11\/09\/earnings-watch-cira-oriental-weavers-credit-agricole\/","url_meta":{"origin":545912,"position":5},"title":"Earnings watch: CIRA, Oriental Weavers, Credit Agricole","author":"enterpriseam admin","date":"9 November 2020","format":false,"excerpt":"EARNINGS WATCH- CIRA revenues cross EGP 1 bn mark in FY2019-2020: Private sector education outfit CIRA reported a 54% y-o-y rise in net revenues to EGP 1.09 bn in their 2019-2020 fiscal year, which ends on 31 August, according to the company\u2019s earnings release (pdf). Net profit for the year\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545912"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545912\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545895"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545912"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545912"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}