{"id":637166,"date":"2017-11-09T04:04:27","date_gmt":"2017-11-09T04:04:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/09\/cib-reports-record-third-quarter-earnings\/"},"modified":"2017-11-09T04:04:27","modified_gmt":"2017-11-09T04:04:27","slug":"cib-reports-record-third-quarter-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/09\/cib-reports-record-third-quarter-earnings\/","title":{"rendered":"CIB reports record third quarter earnings"},"content":{"rendered":"

<\/a> EARNINGS WATCH- <\/strong>Our friends at CIB <\/strong>reported record third quarter results overnight, with net income up 23% year-on-year in 3Q2017 to EGP 2.1 bn, the bank said in its earnings release (pdf)<\/a>. Revenues advanced 45% compared to the same period last year to close the quarter at EGP 4.2 bn. On a nine-months basis, that gives CIB net income of EGP 5.7 bn (up 27% on 9M2016) on revenues of EGP 11.0 bn (up 35%). Strong fundamentals and balance sheet growth allowed CIB to deliver \u201cstrong financial results in the third quarter of 2017\u201d despite \u201cchallenging macroeconomic and regulatory conditions,\u201d management said in comment accompanying the results.<\/p>\n

CIB notes that it was able to grow its net interest income \u201cdespite intense market competition, which pushed all banks to raise their cost of deposits in order to compete efficiently with the rates offered by public sector banks<\/strong>.\u201d The bank\u2019s performance in an \u201ceventful 2017 largely owes to successful balance sheet and treasury management performance,\u201d management said. Notably, the bank\u2019s cost-to-income ratio decreased, supporting profitability as efficiencies outweighed inflationary pressure on the bank\u2019s cost base.<\/p>\n

What to expect next: <\/strong>\u201cThe road ahead remains challenging, especially after the CBE\u2019s latest decision to increase the Required Reserve Ratio back to its historical 14%, which is expected to impact banks\u2019 interest margins in the short run, after which pressure would start to ease off as banks gradually adjust their cost of deposits, thereby placing downward pressure on interest rates and helping bring inflation down.\u201d CIB is a bellwether for the wider economy<\/strong>, so a read through the bank\u2019s full earnings release here (pdf)<\/a> is worth your time if you have a moment this morning.<\/p>\n","protected":false},"excerpt":{"rendered":"

EARNINGS WATCH- Our friends at CIB reported record third quarter results overnight, with net income up 23% year-on-year in 3Q2017 to EGP 2.1 bn, the bank said in its earnings release (pdf). Revenues advanced 45% compared to the same period last year to close the quarter at EGP 4.2 bn. On a nine-months basis, that […]<\/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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-637166","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"f2176720-1beb-49eb-b3e7-b05b278d8f81","order":"0","is_powered_by":true,"section_story_id":"735de172-cd55-4fc1-9476-0a7eb9a019bf","story_type":"1","photo_url":"","photo_position":"above","related_issue":[637159],"teaser":"","voice_url":""},"yoast_head":"\nCIB reports record third quarter 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\/2017\/11\/09\/cib-reports-record-third-quarter-earnings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CIB reports record third quarter earnings\" \/>\n<meta property=\"og:description\" content=\"EARNINGS WATCH- Our friends at CIB reported record third quarter results overnight, with net income up 23% year-on-year in 3Q2017 to EGP 2.1 bn, the bank said in its earnings release (pdf). Revenues advanced 45% compared to the same period last year to close the quarter at EGP 4.2 bn. 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