Egyptian hospitals in Sinai on alert amid Israeli aggression on Gaza    Israel continues targeting Gaza, Palestinian resistance responds with missiles    Egypt announces Thursday 1st day of Eid Al-Fitr    Nuweiba: Egypt's paradise of serenity    Egypt's current account deficit jumps to $7.6 bln in 1H of FY2020/21: CBE    Opinion| Egypt and Human Rights    Egypt's trade deficit down 1.2% to $3.34bn in February 2021: CAPMAS    Global economic recovery to improve debt service coverage ratios: Moody's    Opinion| Biden and hate crimes against Asians    Egypt's Trade Minister outlines customs clearance conditions for imported electric vehicles    Egypt's unemployment increases to 7.4% in Q1 2021: CAPMAS    Egypt raises readiness at university hospitals for Eid Al-Fitr holidays    Egypt develops Suez Canal in line with international trade movement: Al-Sisi    Egypt's Parliament discusses abolishing imprisonment for female debtors    India to procure 300k Remdesivir doses from Egypt's Eva Pharma    Egypt will locally manufacture first 2m Sinovac vaccine doses by June-end    2021 South East European Film Festival celebrates cinematic diversity of 18 countries    Sheffield Documentary Film Festival announces line-up for June edition    Lebanese pop star Carole Samaha to release new album this summer    We want Egypt and Sudan to agree to second filling only: Ethiopia    Turkey seeks to restore 'historic unity' with Egyptian people: Erdogan    Al Ahly face injuries as they take on Al Ittihad Alexandria    Elneny's Arsenal targets 'remontada' in Europa League semi-finals    Zamalek eye return to victories at expense of Smouha in Egyptian Premier League    Egypt's CIB first bank in MENA, Africa to receive Gender Equity Seal    Egypt buys 30 Rafale fighter jets from France    Direct flights between Russia and Egypt will resume in June, Ambassador    Egypt's Ahly is establishing a new stadium, expected to be 'sports complex'    Blinken presses Ethiopia's Abiy to ensure full withdrawal of Eritrean troops from Tigray    Forces opposed to Somali president control parts of Mogadishu    Nine people executed in Egypt over Kerdasa police killings in 2013    UEFA investigating Ibrahimovic's alleged ties to betting company    61 doctors died from coronavirus since start of April: Egypt's medical syndicate    Egypt targets 5.6% inflation rate in FY2020/21, 6% in FY2021/22    Egypt allocates EGP 132 bln to modernise railway system: Transport minister    Real Madrid not thinking about any Super League sanctions: Zidane    Total declares force majeure on Mozambique LNG after attacks    All the winners at the 93rd Academy Awards    Egypt's Ahly granted approval to build new stadium on Cairo outskirts    Aswan Int'l Women's Film Festival dedicates 5th edition to Kawthar Heikal    BREAKING: Egypt's information minister Osama Heikal resigns amid parliamentary criticism    'War was not Egypt's aim, but peace was the ultimate goal,' Sisi says on Sinai Liberation Day anniversary    Factbox: Key nominations for the 2021 Academy Awards    Old Cairo's Al-Fustat will be revamped on Egyptian President's directives    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

CIB net income down 9% to EGP 2.4bn in 1Q 2020
ROAE records 19.6%, ROA 2.5%, net profit decreases 9% y-o-y
Published in Daily News Egypt on 05 - 05 - 2020

The Commercial International Bank – Egypt (CIB) achieved EGP 2.4bn consolidated net income in the first quarter (1Q) of 2020, or EGP 1.44 per share, down 9% from 1Q 2019, the bank reported Tuesday.
The bank's net profits also dropped 9% year-over-year (y-o-y) to EGP 2.399bn in 1Q 2020, while standalone revenues registered EGP 6.41bn, up 15% from 1Q 2019, driven by net interest income (NII) growth. In the same period, the bank had a net interest margin of 6.94%, generating net interest income of EGP 6.2bn, up 25% y-o-y.
The CIB's standalone non-interest income recorded EGP 217m, representing 3% of revenues in 1Q 2020.
The bank's management commented, "Embracing a crisis regarded by experts as the worst in world history in decades, 1Q 2020 ended on a note of numerous dynamics in the Egyptian, just as in the global, economy. Notwithstanding the unforeseen global adversity, CIB upheld firm and robust top-line growth that came amidst the growing threat of Covid-19. Moreover, the increase in the Bank's expenses compared to last year was largely backed by the donations disbursed for combating Covid-19."
Accordingly, the bank's operating expenses in 1Q 2020 increased 15% y-o-y to EGP 1.52bn.
Meanwhile, the return on assets (ROA) registered 2.5% in 1Q 2020, down from 3.04% a year earlier, and the return on average equity (ROAE) recorded 19.6%, down from 29% in 1Q 2019.
CIB gross loan portfolio recorded EGP 129bn, down by EGP 2.65bn or 2% year-to-date (YTD), driven mainly by net foreign currency loan repayments of $158m, down by 5%, and Egyptian pound appreciation by EGP 0.3. This brought CIB's foreign currency equivalent balance down a further EGP 970m, which was partially offset by modest local currency loan growth of 1% or EGP 860m. CIB's loan market share reached 6.89% as of January 2020.
In contrast, deposits grew 2% YTD to record EGP 310bn. Growth was driven wholly by local currency deposits, which grew by 4% adding EGP 8.48bn.
The bank's non-performing loans represented 4% of the gross loan portfolio, covered 247% by the CIB's EGP 12.8bn loan loss provision (LLP). The bank's LLP hiked 138% y-o-y to EGP 1.24bn in 1Q 2020.
CIB local-currency liquidity ratio remained well above the regulator's 20% requirement, recording 77.6% as of March 2020, while the foreign-currency liquidity ratio reached 54.5%, above the threshold of 25%.

Clic here to read the story from its source.