CIB restructures its investments in associates and subsidiaries

Over the past year, the Commercial International Bank - Egypt (CIB) has been restructuring its investments in associates and subsidiaries, as reflected in its decline to EGP 671.5 mn by the end of 2023, compared to EGP 1.1 bn by the end of 2022.

During last year, CIB has decided to start liquidation process for CVentures Company, one of its subsidiaries, after losing about EGP 4.5 mn despite earning revenues of EGP 8.6 mn, which is now one of the non-traded assets held for sale. It is worth mentioning that the bank owns about 99.99% of the Company’s capital.

While increasing his contribution to CIB Kenya, by acquiring 49% of the Kenyan Bank early last year, to become fully owned by it, in a deal with a total value of about $40.

The bank exists from Fawry Plus, one of its associates, with a contribution of about 14.99%, which was founded in 2017 through a partnership between CIB, Banque Misr, Fawry Banking and Payment Technology Services Company, and ACIS. 

It also exits from Falcon for Security Services, one of its associates, with a contribution of 30%.

The main indicators of CIB – Egypt recorded a strong performance over the past year, with the Bank's net profits jumping by 78.4%, reaching EGP 28.8 bn in 2023, compared to EGP 16.1 bn in 2022, with an increase of EGP 12.6 bn.

The Bank's assets portfolio rose at a 31.4% rate over the past year, registering EGP 832.5 bn by the end of December 2023, compared to EGP 633.6 bn by the end of 2022, with an increase of EGP 198.9 bn. 

Total bank customer loans jumped by EGP 46.5 bn, registering EGP 265.1 bn by the end of last year, compared to EGP 218.6 bn by the end of 2022, with a growth of 21.26% on an annual basis.

Net fees and commissions income rose to EGP 5.4 bn in 2023, compared to EGP 3.1 bn in 2022, with a growth of 77.3% and an increase of EGP 2.4 bn.

The bank's customer deposit portfolio rose to EGP 675.31 bn by the end of December, compared to EGP 530.1 bn by the end of 2022, with a growth of 27.39% and an increase of EGP 145.2 bn.

Net interest income rose by 71.1% over the past year, to record EGP 52.7 bn in 2023, compared to EGP 30.8 bn in 2022, with an increase of EGP 21.9 bn.

The share in the Bank's profit rose in 2023 to EGP 8.59 per share, compared to EGP 4.8 per share in 2022, with growth of 78.96% and an increase of EGP 3.79 per share.