The Commercial International Bank (CIB) announced a record net income of EGP 1.46bn, up 28% in comparison to its net income of EGP 1.1bn in the second quarter (Q2) of 2015.
“The CIB maintained its strong performance in the second quarter—despite unfavourable economic circumstances—turning in record consolidated top and bottom lines of EGP 5.42bn and EGP 2.76bn for the first half of 2016. This is up 12% and 22% from last year respectively,” said bank management.
According to the bank’s report, standalone revenues for Q2 of 2016 reached EGP 2.79bn, a 20% increase from Q2 last year. The main driver for growth was a 17% increase in net interest income and a 39% increase in non-interest income.
The CIB reported a total tier capital of EGP 14.76bn, or 14% of risk-weighted assets, of which 92% is high-quality tier I capital. The bank also registered a local currency liquidity ratio of 57%, and a foreign currency of 45.5% liquidity ratio. These fall well above the CBE’s requirements of 20% and 25% respectively.
Funding to businesses and individuals reached EGP 60.3bn, marking a 6% increase during first half of 2016, representing a loan market share of 7.84% as of April. Meanwhile, deposits grew by 9% to EGP 169.5bn in the first half of the year, which translated into a deposit market share of 8.23% as of April.