CIB may achieve more net profits upon expanding investments into SMEs: First Bank advices

Commercial International Bank (CIB), one of Egypt’s largest private banks, achieved sturdy performance in its net profit during 2022.  The bank’s net profit jumped 23.36% to stand at EGP 12.205 billion during 9M-22 compared to EGP 9.894 in the same comparable period of 2021.

The bank can reap more profits by enhancing its investments into small and medium enterprises, which include current accounts activities, deposits, debit current accounts, loans and credit facilities, and financial derivatives.

This is based on the fact that CIB’s investment into SMEs has generated the largest return among other activities reaching 13.30% during the first 9 months of 2022, while the bank’s investment into large enterprises generated returns that stood at 2.70%. Investment returns of individuals’ activities reached 5.36% during the same period.

The bank achieved strong net profits upon investing into SMEs amounting to EGP 731.498 million during the first 9 months of 2022, compared to EGP 393.684 million during the same period in 2021, achieving a growth rate of 85.81%, and an increase of EGP 337.814 million.

However, the bank’s net profits upon investing into large enterprises increased by 7.34%, to record EGP 4.125 billion during the first 9 months of 2022, compared to EGP 3.843 billion during the same period in 2021 with an increase of 282.208 million pounds