{"id":560478,"date":"2021-03-01T04:16:17","date_gmt":"2021-03-01T04:16:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/earnings-watch-cib-hdb-report-2020-earnings\/"},"modified":"2021-03-01T04:16:17","modified_gmt":"2021-03-01T04:16:17","slug":"earnings-watch-cib-hdb-report-2020-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/earnings-watch-cib-hdb-report-2020-earnings\/","title":{"rendered":"Earnings watch: CIB + HDB report 2020 earnings"},"content":{"rendered":"

Leading private sector bank CIB posted EGP 10.2 bn in consolidated net income in 2020<\/strong>, down 13% y-o-y from EGP 11.8 bn the year before, according to a company statement released overnight (pdf)<\/a>. The bank\u2019s bottom line in 4Q2020 came in at EGP 2.89 bn, dipping 11% y-o-y from EGP 3.26 bn in 4Q2019. Revenues for the quarter were up 7% y-o-y to EGP 6.58 bn, while full-year revenues were up 12% y-o-y to EGP 25.9 bn. You can also check out the bank\u2019s consolidated financial statements for 2020 (pdf)<\/a>.<\/p>\n

Commenting on the results<\/strong>, management said \u201cCIB achieved another milestone in financial performance, while maintaining top-notch solvency,\u201d despite the year being \u201cbeset with unprecedented dynamics\u201d for the bank internally and on the macroeconomic front. The lender ramped up its loan loss provisions in 4Q2020 to continue prioritizing solvency over short-term profitability.<\/p>\n

Looking ahead, management \u201cremains confident in CIB\u2019s ability to endure any arising<\/strong> challenges<\/strong>, drawing on its resilient balance sheet fundamentals and robust solvency.\u201d<\/p>\n

The Housing and Development Bank\u2019s net income dropped 7.4% y-o-y in 2020<\/strong>, netting EGP 2.1 bn compared to EGP 2.2 bn in 2019, according to the bank\u2019s earnings release (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Leading private sector bank CIB posted EGP 10.2 bn in consolidated net income in 2020, down 13% y-o-y from EGP 11.8 bn the year before, according to a company statement released overnight (pdf). The bank\u2019s bottom line in 4Q2020 came in at EGP 2.89 bn, dipping 11% y-o-y from EGP 3.26 bn in 4Q2019. Revenues […]<\/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-560478","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":"5fa6bf12-5a05-4632-95d8-0455bb395297","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[560460],"teaser":"","voice_url":""},"yoast_head":"\nEarnings watch: CIB + HDB report 2020 earnings - 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\/03\/01\/earnings-watch-cib-hdb-report-2020-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Earnings watch: CIB + HDB report 2020 earnings\" \/>\n<meta property=\"og:description\" content=\"Leading private sector bank CIB posted EGP 10.2 bn in consolidated net income in 2020, down 13% y-o-y from EGP 11.8 bn the year before, according to a company statement released overnight (pdf). 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