The profits of the Commercial International Bank in Egypt increased by 62% to reach 3.81 billion on an annual basis in the third quarter of 2021.
According to Arabiya Net, net interest income of 6.5 billion pounds contributed to revenue growth by 7% on an annual basis to 7.14 billion pounds, according to the bank's consolidated financial statements. .
The largest private bank in Egypt witnessed a continuous momentum in loan growth, as local currency loans achieved a record growth of 26% compared to last year. CIB's capital adequacy ratio was 32.1% at the end of the quarter, which is above minimum regulatory requirements.
Commenting on the results, the bank said: We set a new record in the third quarter of 2021, with a noticeable growth in net profits compared to last year. This exceptional performance is driven by the fundamentals of a flexible balance sheet and solvency.
The Bank's management also noted that strong loan growth, along with moderation in provisions, helped the Bank contain expected and unexpected losses, and maintain CIB's head office. In the market.
On the outlook, management remains optimistic about CIB's ability to maintain its leading position in the market, relying largely on its unique coverage and balance sheet structure. adaptive, which would allow for stable mobility through unpredictable market dynamics, the statement said.
