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CIB records 47% revenue increase, 38% net profit increase in Q1 Bank said growth was driven by increase in non-interest income on increased trade finance, foreign exchange volumes and capital gains from investments
The Commercial International Bank (CIB) has recorded consolidated revenues of EGP 2.58bn, up 47% compared to the first quarter (Q1) of 2014, and a net income of EGP 1.1bn with 38% year-on-year increase. The growth was driven by an increase in non-interest income on increased trade finance, foreign exchange volumes and capital gains from investments, the bank said in a statement on Saturday. "Lending activity continued to recover alongside renewed economic optimism, our loan portfolio added EGP 4.5bn, growing 8% in the quarter with strong contributions from both institutional and retail banking," said Hisham Ezz Al-Arab, CEO and managing director of CIB. Ezz Al-Arab added that trade service volumes also grew 37%, contributing to the bank's noninterest income performance. "Our solid performance was reflected in our profitability and efficiency indicators, with consolidated return on average equity hitting a sector-leading 32.1%, our highest in five years. At the same time, CIB maintained its strong asset quality and liquidity in both local and foreign currencies," the CEO said.
