CIB's Remarkable Growth under Hussein Abaza's Leadership

With over 25 years of banking experience, Hussein Abaza, Chief Executive Officer and Managing Director of CIB, has achieved exceptional performance with the bank, relying on his extensive banking expertise gained since his graduation from the American University in Cairo with a bachelor's degree in business administration.

Under Abaza's leadership, the Commercial International Bank (CIB) has seen a significant surge in its business volume and financial performance indicators, as revealed by a recent assessment conducted by First Bank to measure the bank's key indicators since he assumed the executive leadership in 2021.

Hussein Abaza has worked to strengthen the bank's financial position, evident in the substantial increases in its asset portfolio, which jumped to EGP 794.68 bn by the end of the first half of 2023, compared to EGP 426.14 bn at the end of 2020, marking a remarkable growth rate of 86.48%, and an increase of EGP 368.53 bn.

Abaza continues to expand the bank's presence in the banking market, aiming to significantly increase the asset portfolio, maintaining the bank's position as the largest listed bank in terms of asset size and the third-largest bank operating in the Egyptian market. The bank has taken the lead on First Bank's list of the fastest-growing banks in assets during the first half of the current year.

Furthermore, he has succeeded in increasing customer deposits, reaching EGP 656.42 bn by the end of June 2023, compared to EGP 340.09 bn at the end of 2020, with a growth rate of 93.02%.

These substantial increases can be attributed to the bank's offering of savings products tailored to varying customer needs during a volatile period, both domestically and globally.

During Abaza's tenure, he significantly attracted corporate clients to benefit from the diverse advantages offered by the bank. This is reflected in the substantial growth of the bank's institutional deposits, which increased by 117.76% to reach EGP 305.41 bn by the end of the first half of 2023, compared to EGP 140.25 bn at the end of 2020, an increase of EGP 165.16 bn.

As for individual deposits, they have increased to EGP 351.01 bn by the end of June 2023, compared to EGP 199.83 bn at the end of 2020, with a growth rate of 75.65% and an increase of EGP 151.18 bn.

Abaza has also worked on expanding the bank's credit offerings to customers significantly. The total loans to customers increased by approximately 85.45% to reach EGP 251.48 bn by the end of the first half of 2023, compared to EGP 135.60 bn at the end of 2020, with an increase of EGP 115.88 bn.

This is attributed to his efforts to expand the bank's support for corporates, reflected in the bank's loans to corporates increasing by EGP 99.11 bn, from EGP 99.41 bn at the end of 2020 to EGP 198.52 bn by the end of June 2023, with a growth rate of 99.70%.

He also recognized the importance of financing the retail banking sector and worked on providing the necessary support to individual bank customers, resulting in the bank's financing for them reaching EGP 52.96 bn by the end of June 2023, compared to EGP 36.19 bn at the end of 2020, an increase of EGP 16.77 bn.

Abaza also sought to enhance the bank's investments in subsidiaries and affiliates, which increased by 142.05%, reaching EGP 2.12 bn by the end of June 2023, compared to EGP 874.35 mn at the end of 2020, an increase of EGP 1.24 bn.

The efforts of Hussein Abaza and his team have resulted in the bank achieving record profits. Net profits of the bank surged by approximately 56.61% to reach EGP 16.13 bn in 2022, compared to EGP 10.3 bn in 2020, marking an increase of EGP 5.83 bn. This makes it the top-performing listed bank in terms of net profits during the past year.

Regarding its performance during the current year, net profits have increased to EGP 14.14 bn in the first half of 2023, compared to EGP 7.77 bn during the same period in 2022, with a growth rate of 81.93% and an increase of EGP 6.37 bn, maintaining its position as the top-performing bank listed on the Egyptian stock exchange in terms of net profits during the first six months of 2023.