CIB unveils 86% YoY jump in 2024 consolidated profits; board nods to capital raise
Updated 2/19/2025 9:57:00 AM
Arab Finance: The Commercial International Bank Egypt (CIB) logged consolidated net profits attributable to the shareholders worth EGP 55.196 billion in 2024, an annual leap of 86% from EGP 29.635 billion, as per the income results.
Net interest income hiked by 72% year-on-year (YoY) to EGP 91.064 billion in 2024 from EGP 52.930 billion.
Total assets jumped by 45% YoY to EGP 1.209 trillion at the end of December 2024 from EGP 832.527 billion, while the customers’ deposits surged by 43% YoY to EGP 967.895 billion from EGP 675.310 billion.
As for the standalone business, the net profits after tax amounted to EGP 55.428 billion last year, up 93% from EGP 28.768 billion in 2023.
CIB generated non-consolidated net interest income valued at EGP 90.816 billion in 2024, higher by 72% YoY than EGP 52.747 billion.
Meanwhile, the board members of CIB approved increasing the issued and paid-up capital from EGP 30.431 billion to EGP 30.708 billion, according to a bourse filing released on February 19th.
The lender will increase its capital by EGP 276.930 million, which will be distributed over 27.693 million shares.
The transaction will be implemented after obtaining the Central Bank of Egypt's (CBE) approval.
In the first nine months of 2024, the bank’s consolidated net profits after tax and minority interest enlarged by 89% YoY to EGP 42.348 billion from EGP 22.406 billion.
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