Cairo – Mubasher: Commercial International Bank-Egypt (CIB) recorded consolidated net profits after tax worth EGP 16.17 billion in 2022, an annual growth of 22% from EGP 13.26 billion, including minority shareholders’ rights.
Basic earnings per share (EPS) stood at EGP 4.83 in the 12-month period that ended on 31 December 2022, higher than EGP 4.03 in 2021, according to the income statements.
The net interest income reached EGP 31 billion in 2022, up 24% year-on-year (YoY) from EGP 24.96 billion.
Meanwhile, the total assets hiked to EGP 635.83 billion last year from EGP 498.23 billion in 2021.
Standalone Profits
CIB generated EGP 16.13 billion in standalone net profit after tax in 2022, a 20% YoY surge from EGP 13.42 billion.
Meanwhile, the non-consolidated net interest income jumped by 24% YoY to EGP 30.83 billion in 2022 from EGP 24.88 billion.
The total standalone assets amounted to EGP 633.64 billion as of 31 December 2022, versus EGP 496.65 billion a year earlier.
Financial Results for Q4-22
During the fourth quarter (Q4) of 2022, the consolidated net profits after tax soared by 18% YoY to EGP 3.97 billion from EGP 3.36 billion, including non-controlling equity. Meanwhile, the net interest income rose by 35% YoY to EGP 9.18 billion from EGP 6.81 billion.
The standalone profits after tax increased by 11% to EGP 3.92 billion in Q4-22 from EGP 3.52 billion in Q4-21, whereas the interest income widened by 35% to EGP 9.12 billion from EGP 6.78 billion.
Capital Change
The board of CIB suggested to raise the bank’s authorised capital to EGP 100 billion from EGP 50 billion. It also proposed the issuance of financial instruments at a maximum value of $1 billion, or its equivalent in local currency or other foreign currencies.
The recommendations are still subject to the approvals of both the Central Bank of Egypt (CBE) as well as the extraordinary general meeting (EGM) that will be held on 20 March 2023.
In the first nine months (9M) of 2022, the EGX-listed lender posted consolidated net profits worth EGP 12.19 billion, compared to EGP 9.87 billion in 9M-21.
