Preview: Zamalek eyeing revenge over depleted Ahly in Cairo derby    Messi nets 2, Barcelona beat Bilbao 4-0 to win Copa del Rey    Libya welcomes UN decision to deploy cease-fire monitors    Morocco's Ziyech fires Chelsea to win over Man City in FA Cup semi-final    France reports daily decline in COVID-19 patients in intensive care    Egypt to launch artistic Ramadan Nights Festival    MCDR to start board nomination procedures on Sunday    Sudan wants legally binding agreement on Ethiopia's Nile Dam, not war: Al-Burhan    Egyptian architects win UNESCO competition to rebuild Mosul's Al-Nouri Mosque    Tunisia closes schools until April 30 to slow spread of coronavirus    Egypt's Environment Minister witnesses closing of training on sanitary landfills    Egypt demands fair distribution of COVID-19 vaccines    Egypt launches technical competence programme for Higher Education Ministry staff    'El-Malek' series resumes filming following outcry    Egypt's Cultural Development Fund begins Ramadan programme    Five people killed as police fire at protesting workers in Bangladesh    Egypt joins JPMorgan Chase government bond index watch list    Egypt, Pakistan may sign an MoU between Suez Canal Authority, Gwadar Port Authority    Funeral to praise Philip's 'courage' and support for queen    Egypt urges dissuading Ethiopia from taking unilateral action on GERD in letter to UNSC    Biden says Iranian enrichment to 60% unhelpful, but glad about talks    Sisi stresses to Djibouti president importance of reaching GERD settlement to avoid regional instability    We will resort to international community after all GERD negotiations finish: Egypt FM    President Sisi supports Eni expanding operations in Egypt    10 emerging writers receive $50,000 Whiting Awards    J.K. Rowling children's story 'The Christmas Pig' out in October    2 crew members of impounded Ever Given allowed to return home for personal emergencies: Suez Canal Authority    Egypt condemns continued attacks by Yemen's Houthi militias towards Saudi territory    Turkey to send delegation to Egypt in May, its foreign minister says    EFG Hermes determines fair value of Arab Investment Bank at EGP1.1bln    SODIC hires Hermes to study acquisition offer by Aldar Properties    Veteran Egyptian journalist Makram Mohamed Ahmed passes away at 86    Fans allowed at opening match of UEFA EURO 2020: Italy    Egypt halts traditional amateur football tournaments during Ramadan    Al Ahly get ready for fierce league clash against Zamalek    Egypt Press Syndicate condemns Health Ministry's alleged media obstruction    Egypt tourism minister discusses preparations for upcoming Arabian Travel Market with UAE    Egypt, Turkey eye new phase of bilateral relations    Egyptian farmers fearful as Ethiopia goes for 2nd Blue Nile dam filling    Party consensus    Russian FM says Egypt is main partner in Middle East, Africa    Egypt sees an uptick in new coronavirus infections registers 801 new cases on Saturday    PMI moves towards a smoke-free transformation, takes part in a webinar on e-cigarettes    Allianz Egypt partners with IGNITE to equip brand ambassadors for 2021 Olympics    Hassan Allam consortium wins contract to manage, operate Grand Egyptian Museum    Enhanced Labs signs Mr. Olympia 2020 "Big Ramy" And His Trainer Dennis James    King Tutankhamun funerary mask is must-see tourist icon: The Telegraph    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 reports EGP 7.542bn in pre-tax profit during H1 of 2020
Bank made allocations of EGP 2.260bn, compared to EGP 795m during same period in 2019
Published in Daily News Egypt on 14 - 07 - 2020

The Commercial International Bank – Egypt (CIB) revealed it has achieved EGP 7.542bn in pre-tax profits by the end of June 2020, compared to the EGP 7.396bn at the end of June 2019. The latest figures provided by the bank reflect an increase of 2%.
In a statement to the Egyptian Stock Exchange (EGX) on Tuesday, that bank said it achieved a net profit of EGP 4.998bn during the first half (H1) of 2020. The first half figures reflect a decrease of 7% on the same period in 2019.
CIB's consolidated revenues increased 17% during the financial period ending on 30 June compared to the same period of the previous year. The uptick came as a result of the increase in net income from returns by 25%, while net income other than returns decreased by 79%.
The bank's results revealed that the ratio of expenses to revenues decreased by 15%, to record 20.7% at the end of June 2020, compared to 24.4% at the end of June 2019.
CIB recorded a 9% growth in its loan portfolio at the end of June 2020 to about EGP 134.955bn, compared to the same period in the previous year. This also reflects an increase of 2% compared to the end of December 2019.
Deposits also witnessed an increase of about 5% compared to fiscal year (FY) 2018/2019, with the ratio loans to deposits in the bank reaching about 42.2%, or about EGP 320.146bn.
CIB managed to maintain the quality of assets, as the ratio of irregular loans to total loans decreased to 4.01% by the end of June 2020. This compared to 4.96% in the financial period ending on 30 June 2019, or the end of FY 2018/2019.
The bank's business results report revealed that the bank made allocations amounting to EGP 2.260bn, compared to EGP 795m during the same period in 2019.
In its statement, the bank said it had, in H1 of 2020, established unprecedented allocations that take into account the expected credit losses. This comes in light of the unprecedented global spread of the novel coronavirus (COVID-19), which has caused widespread commercial disruption and caused doubts in the global economy.
With the economic uncertainty due to the pandemic, CIB has continued its rational policy in managing risks and facing crises. The bank added that the exact credit losses are difficult to estimate with certainty at the present time.
CIB added that despite the exceptional and necessary allocations in its net profit compared to last year, it was able to demonstrate continued leadership in the banking sector in terms of revenue and expense management. It has also maintained its leading market share, while emphasising the integrity of the risk management systems it abides by.
CIB has maintained a strong capital base with a capital adequacy ratio of 29.5%, which supports the bank's ability to cope with market fluctuations.


Clic here to read the story from its source.