{"id":555420,"date":"2021-11-14T04:00:04","date_gmt":"2021-11-14T04:00:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/"},"modified":"2021-11-14T04:00:04","modified_gmt":"2021-11-14T04:00:04","slug":"cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/","title":{"rendered":"CIB profits surge 62% in 3Q2021 as bank posts another record quarter"},"content":{"rendered":"<p><strong>CIB\u2019s net income surged 62% y-o-y to EGP 3.81 bn in 3Q2021 <\/strong>as net interest income of EGP 6.5 bn contributing to 7% year-on-year growth in revenues to EGP 7.14 bn, the bank said in its <a href=\"https:\/\/ent.news\/2021\/11\/CIB-Consolidated-financial-statements-Sep-2021-English.pdf\">quarterly financials (pdf)<\/a> and <a href=\"https:\/\/ent.news\/2021\/11\/3Q21-Press-Release-1.pdf\">earnings release (pdf)<\/a>. The nation\u2019s largest private-sector bank saw continued momentum in loan growth, with local currency loans seeing a record growth of 26% over 2020. CIB recorded a capital adequacy ratio of 32.1% by the end of the quarter, above the minimum regulatory requirement.<\/p>\n<p><strong>Commenting on the results, management said<\/strong> the bank \u201chit a new record in the third quarter of 2021, with remarkable bottom line growth compared to last year.\u201d CIB\u2019s performance was buoyed by resilient solvency and balance sheet fundamentals. Management also noted that \u201cCIB\u2019s prudent risk management and healthy coverage\u201d meant the bank successfully managed \u201ca significant slowdown in provision accumulations\u201d after banking bottom lines in Egypt were affected as many lenders set aside provisions to protect against bad loans. Loan growth and moderated provisions helped the bank mitigate against expected and unexpected losses, and maintain its prime market position, management noted.<\/p>\n<p><strong>Looking forward: <\/strong>\u201cManagement remains positive about CIB\u2019s capability to sustain its leading market position, drawing largely on its unique coverage and its adaptable balance sheet structure, which would allow for stable navigation through unforeseen market dynamics,\u201d the earnings release said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The Housing and Development Bank\u2019s net income inched up to EGP 1.43 bn in the <\/strong><strong>first nine months of 2021<\/strong>, up 0.7% from the same period last year, according to a <a href=\"https:\/\/ent.news\/2021\/11\/hdb.pdf\">bourse filing (pdf)<\/a>. The bank\u2019s interest income jumped 18% y-o-y to EGP 5.1 bn during the period.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CIB\u2019s net income surged 62% y-o-y to EGP 3.81 bn in 3Q2021 as net interest income of EGP 6.5 bn contributing to 7% year-on-year growth in revenues to EGP 7.14 bn, the bank said in its quarterly financials (pdf) and earnings release (pdf). The nation\u2019s largest private-sector bank saw continued momentum in loan growth, with [&hellip;]<\/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":[204,240,409,72,829],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555420","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-banking","tag-cib","tag-earnings-watch","tag-enterpriseam","tag-housing-and-development-bank","wpautop","entry"],"acf":{"mongo_id":"273c6029-f75b-4158-985e-95eb724918c5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555407],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>CIB profits surge 62% in 3Q2021 as bank posts another record quarter - 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\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB profits surge 62% in 3Q2021 as bank posts another record quarter\" \/>\n<meta property=\"og:description\" content=\"CIB\u2019s net income surged 62% y-o-y to EGP 3.81 bn in 3Q2021 as net interest income of EGP 6.5 bn contributing to 7% year-on-year growth in revenues to EGP 7.14 bn, the bank said in its quarterly financials (pdf) and earnings release (pdf). The nation\u2019s largest private-sector bank saw continued momentum in loan growth, with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-14T04:00:04+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CIB profits surge 62% in 3Q2021 as bank posts another record quarter\",\"datePublished\":\"2021-11-14T04:00:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\"},\"wordCount\":278,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"banking\",\"CIB\",\"earnings watch\",\"EnterpriseAM\",\"Housing and Development Bank\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/\",\"name\":\"CIB profits surge 62% in 3Q2021 as bank posts another record quarter - 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Our friends at Egypt\u2019s largest private-sector bank delivered a 17% y-o-y rise in net income to EGP 2.0 bn in 1Q2018 on revenues of EGP 4.2 bn (up 25% y-o-y). In comment on the results, management noted that top line and bottom\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":621453,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/08\/egypts-cib-posts-3q2018-results\/","url_meta":{"origin":555420,"position":3},"title":"Egypt\u2019s CIB posts 3Q2018 results","author":"enterpriseam admin","date":"8 November 2018","format":false,"excerpt":"EARNINGS WATCH- CIB posts record third quarter earnings: Our friends at CIB delivered a 24% y-o-y rise in net income of EGP 2.6 bn in 3Q2018 on revenues of EGP 6.01 bn (up 45% y-o-y). Commenting in the bank\u2019s earnings release overnight, management said CIB\u2019s strong performance underscores the bank\u2019s\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":568804,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/04\/earnings-watch-cib-delivers-record-4q-fy2019-results-mnhd-profits-hit-egp-1-bn\/","url_meta":{"origin":555420,"position":4},"title":"Earnings watch: CIB delivers record 4Q, FY2019 results; MNHD profits hit EGP 1 bn","author":"enterpriseam admin","date":"4 February 2020","format":false,"excerpt":"EARNINGS WATCH- CIB delivers record 4Q, FY2019 earnings: CIB posted record consolidated net profits of EGP 3.26 bn in 4Q2019, up 27% y-o-y from EGP 2.56 bn during the same quarter the year before, according to a company statement released overnight (pdf). The bank also delivered record a full-year bottom\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"id":562393,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/23\/cib-net-income-up-20-in-1q\/","url_meta":{"origin":555420,"position":5},"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 &quot;EARNINGS WATCH&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555420","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=555420"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555420\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555407"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555420"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555420"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}