Daily News Egypt

CI Capital reports total financing portfolio of EGP 12.3bn in 9M 2020 - Daily News Egypt

Advertising Area

Advertising Area

CI Capital reports total financing portfolio of EGP 12.3bn in 9M 2020

Company’s consolidated revenues stood at EGP 1.6bn during same period

CI Capital Holding for Financial Investments has revealed that its total financing portfolio in the first nine months (9M) of 2020 came in at EGP 12.3bn.

According to its consolidated results for 9M of 2020, the company achieved consolidated revenues of EGP 1.6bn, and net profit after tax and minority interest recorded EGP 287m.

Commenting on the performance, CI Capital management said, “As we approach the end of a challenging and unprecedented year, our results demonstrate the strength and diversity of our business model.”

It added, “The group’s total financing portfolio witnessed robust growth of 22% year-on-year (y-o-y), reaching EGP 12.3bn while net interest income recorded EGP 614m, growing 9% y-o-y.”

CI Capital added that net profit after tax and minority declined 15% y-o-y to EGP 287m, compared to an exceedingly strong comparable period. The decline in bottom line was mainly attributable to challenging equity market conditions. This in turn impacted the pace of the company’s growth for its brokerage and investment banking platforms, and expected losses incurred by its fast-growing Greenfield initiatives.

Several positive operational developments took place in the third quarter (Q3) of 2020, as the company benefited from improved macroeconomic conditions, on eased lockdowns and gradual recovery in business activity. Put together, these allowed the company to fortify the resilience of its existing businesses, as well as develop its strategic growth initiatives.

New lease bookings accelerated to reach EGP 3.7bn in 9M 2020, surpassing new bookings in 9M 2019 by 4%. Meanwhile, CI Capital’s microfinance arm, Reefy, saw outstanding loans reach a record high of EGP 871m and CI Mortgage, the Group’s greenfield mortgage subsidiary, achieved breakeven in less than 12 months of operations.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter