Commercial International Bank Egypt (CIB) S.A.E recorded a profit of 29.7 Billion Egyptian Pounds (~USD 958mn) in 2023, compared to 16.1 Billion Egyptian pounds at the end of 2022, up 84% YoY.
- •In Q4, CIB Egypt posted a net income of EGP 7.23%, up 83% YoY.
- •The Kenyan subsidiary recorded revenue of 386.9 million Egyptian pounds against expenses of 448.4 million Egyptian pounds, leading to a net loss of 7.8 million Egyptian Pounds on a balance sheet size of 3.5 billion Egyptian pounds.
- •Since the bank is listed on the Egyptian stock market, it reports its financials in EGP, which is currently trading at USD 1= EGP 30.90.
The Cairo subsidiary posted revenue of 52.4 billion EGP, a pre-tax profit of 33.8 billion EGP, and a net profit of 24.1 billion EGP at the close of the 2023 financial year.
The Egyptian lender provides retail, corporate, and investment banking services in various parts of Egypt through 193 branches, and 15 units employing 7,917 employees on the statement of financial position date.
The bank owns investments in subsidiaries “Commercial International Bank (CIB) Kenya”, “Damietta Shipping” and “Commercial International for Finance” in which the bank’s shares are 100%, 49.95%, and 99.83% respectively.
- •CIB has set its sights on the East Africa region and is banking on its Kenya subsidiary to make inroads into the region.
- •In 2023, Central Bank of Kenya (CBK) granted consent to the Egyptian lender to purchase the remaining 49% shares of Mayfair CIB Bank Limited for US$ 40 million.
- •CIB initially entered the Kenyan market in April 2020 with the acquisition of a 51% stake in Mayfair Bank Limited.
Licensed in 1975, the Bank is considered a leading lender in Egypt with a balance sheet size of more than US$ 25 Billion is listed on the Egyptian Stock Exchange, and the London Stock Exchange, and trades over the counter at the New York Stock Exchange.
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