{"id":563697,"date":"2021-07-13T04:00:49","date_gmt":"2021-07-13T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/"},"modified":"2021-07-13T04:00:49","modified_gmt":"2021-07-13T04:00:49","slug":"cib-net-income-up-24-in-2q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/","title":{"rendered":"CIB net income up 24% in 2Q"},"content":{"rendered":"

<\/a> CIB\u2019s net income rose 24% y-o-y in 2Q2021<\/strong>, reaching EGP 3.21 bn from EGP 2.6 bn in the same period last year, according to the bank\u2019s quarterly financials (pdf)<\/a> released yesterday. A 24% rise in fee and commission income offset a drop in net interest income, helping overall revenues to rise slightly to EGP 6.36 bn. The bank\u2019s interest income fell 4% to just above EGP 6 bn, which the bank attributed to maturities on high-yielding bonds previously purchased.<\/p>\n

The bank attributed revenue growth to \u201crobust deposit growth,\u201d and an \u201cimpressive revival in corporate lending\u201d<\/strong> thanks in part to a rise in trade finance and forex trading activities, it said in a separate statement (pdf)<\/a>. Its gross loan portfolio grew 9% to EGP 149 bn during the first six months of the year, while loan loss provisions fell by more than 50% from 1H2020.<\/p>\n

What management said:<\/strong> \u201cBuilding on a strong first quarter of the year, CIB continued to outperform in the second quarter of 2021, which further saw notable growth in the Bank\u2019s balance sheet, particularly in local currency. Local currency deposits grew steadily throughout the quarter, and local currency loans increased by 14%, adding EGP 13 bn in the quarter, back to the all-time high growth levels of early 2017.\u201d<\/p>\n

Higher education outfit<\/strong> Taaleem Management Services reported a 20% increase in its <\/strong>bottom line to EGP 98.9 mn<\/strong> during the third quarter of its fiscal year, compared to EGP 82.8 mn last year, according to the company\u2019s quarterly financials (pdf)<\/a>. This came on the back of a 58% surge in revenues, which climbed to EGP 267.4 mn during the three-month period from EGP 169.2 mn. The company\u2019s fiscal year runs September-August. Taaleem debuted on EGX<\/a> last April, ending a nearly two-year-long IPO drought.<\/p>\n","protected":false},"excerpt":{"rendered":"

CIB\u2019s net income rose 24% y-o-y in 2Q2021, reaching EGP 3.21 bn from EGP 2.6 bn in the same period last year, according to the bank\u2019s quarterly financials (pdf) released yesterday. A 24% rise in fee and commission income offset a drop in net interest income, helping overall revenues to rise slightly to EGP 6.36 […]<\/p>\n","protected":false},"author":1,"featured_media":563698,"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":[204,240,302,409,73,68,72,408],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-563697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-banking","tag-cib","tag-earnings","tag-earnings-watch","tag-education","tag-egx","tag-enterpriseam","tag-taaleem","wpautop","entry"],"acf":{"mongo_id":"0081a021-dc53-4ccf-8789-6a338bbcffb4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/7\/187.jpg","photo_position":"above","related_issue":[563683],"teaser":"","voice_url":""},"yoast_head":"\nCIB net income up 24% in 2Q - 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\/07\/13\/cib-net-income-up-24-in-2q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB net income up 24% in 2Q\" \/>\n<meta property=\"og:description\" content=\"CIB\u2019s net income rose 24% y-o-y in 2Q2021, reaching EGP 3.21 bn from EGP 2.6 bn in the same period last year, according to the bank\u2019s quarterly financials (pdf) released yesterday. A 24% rise in fee and commission income offset a drop in net interest income, helping overall revenues to rise slightly to EGP 6.36 […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-13T04:00:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/187.jpg?fit=%2C&ssl=1\" \/>\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\/07\/13\/cib-net-income-up-24-in-2q\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"CIB net income up 24% in 2Q\",\"datePublished\":\"2021-07-13T04:00:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/\"},\"wordCount\":287,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/187.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"CIB\",\"earnings\",\"earnings watch\",\"Education\",\"EGX\",\"EnterpriseAM\",\"Taaleem\"],\"articleSection\":[\"EARNINGS WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/13\/cib-net-income-up-24-in-2q\/\",\"name\":\"CIB net income up 24% in 2Q - 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The bank recorded revenues of nearly EGP 9.8 bn, up 41% on the same period last year. 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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":555420,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/14\/cib-profits-surge-62-in-3q2021-as-bank-posts-another-record-quarter\/","url_meta":{"origin":563697,"position":4},"title":"CIB profits surge 62% in 3Q2021 as bank posts another record quarter","author":"enterpriseam admin","date":"14 November 2021","format":false,"excerpt":"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). 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