CIB REPORTS SECOND-QUARTER 2025 CONSOLIDATED REVENUE OF EGP 27.8 BILLION AND NET INCOME OF EGP 16.7 BILLION
Commercial International Bank (EGX: COMI) today reported second-quarter 2025 consolidated net income of EGP
16.7 billion, or EGP 4.88 per share, up by 7% from second-quarter 2024.
Management Commented: “Building on a strong start to the year, CIB delivered another solid set of financial results in the second quarter of 2025, ending the first half of the year with top and bottom lines of EGP 54.9 billion and EGP 33.3 billion, growing by 18% and 21%, respectively, over last year. This materialized despite the easing monetary cycle and backed by the stability witnessed in the foreign exchange market, in a testament to the true metal of CIB, as underpinned by strong core business performance. This comes further evidenced in CIB recording impressive year-on-year (YoY) top- and bottom-line growth of 14% and 17%, respectively, in US Dollar terms. Each of the Bank’s business lines performed well, with CIB continuing to support its corporate and individual clients smoothly navigate market dynamics. Notwithstanding the relative normalization in local currency deposit market rates, Total Deposit Growth for CIB maintained momentum, growing by a healthy 21% from last year, with both Retail and Corporate Deposits growing by 22% and 21%, respectively, and with growth driven by continued momentum across all business segments. This came while simultaneously increasing the share of Current Accounts and Saving Accounts (CASA) to Total Deposits from 54% last year to 59% by end of first-half 2025, hence controlling cost of funds and upholding margins. Meanwhile, Gross Loans grew by an impressive 50%, adding EGP 165 billion, over last year, with growth primarily driven by Corporate Loans growing by 57% or EGP 149 billion, of which over 40% came in CAPEX, while simultaneously continuing to increase the share of lending to Small-and-Medium-Sized-Enterprises (SMEs), to reach 29%, exceeding the minimum stipulated by CBE. This came paralleled with strong growth in Retail Loans by 23%, adding EGP 16 billion, mostly in Personal Loans, Credit Cards and MortgageLoans. With that, CIB maintained its position as the largest Private-Sector Lender in the Egyptian Banking Sector, with a Gross Loan Portfolio of EGP 496 billion by end of first-half 2025, and of EGP 523 billion when further accounting for Securitization Deals, while securing a Private-Sector Corporate Loan Market Share of 9.23%. That strong balance sheet momentum fed into robust top line growth by 18% over last year, and by 23% upon normalizing for the exceptional Foreign Exchange Income generated in first-half 2024, driven by robust growth in Net Interest Income (NII) by 24%, and in Non-Interest Income by a normalized 21%. The latterwas driven largely by genuine growth in the sustainable stream of Net Fee and Commission Income by 22%, further reflective of the strong lending activity witnessed through the year, with Loan Fees recording impressive growth of 42%, coupled with Card Fees almost doubling, from last year, mirroring an increase of 38% in the Bank’s Credit Card Portfolio from end of first-half 2024
All of this was backed by a solid digital infrastructure, which allowed CIB to stand-out in Digital Banking and Alternative Channels, as reflected in the significant increase in volume and value of transactions, with 1.9 million users in Online Banking Digital Platforms by end of first-half 2025, recording a 17% increase from first-half 2024, and with 58% increase in transaction value, to reach EGP 2.3 trillion across all of the Bank’s Digital Channels. Total Provisions accrued this quarter came within the same range of last quarter, translating into Total Provisions of EGP 695 million for the first half of 2025, down from EGP 2.24 billion in the first half of 2024, due mainly to the adoption of the Recalibrated Expected Credit Loss (ECL) Calculation, for which the Third-party Model Validation hinted-to last quarter has been successfully secured and communicated to the CBE, awaiting their approval on the final impact and recommended detailed treatment. This slowdown in provision accumulations, coupled with strong lending growth, did not compromise on the Bank’s highest-in-market Coverage for Expected Losses, with Loan Loss Provision Balance covering 8.9% of the Bank’s Gross Loan Portfolio, 12.6% of the Unsecured portion therein, and 338% of Non-Performing Loans (NPLs). It is worth highlighting that even upon excluding provisions, bottom line for first-half 2025 recorded a healthy YoY growth of 14%.
Such robust profitability came sufficiently accommodating for the healthy capital utilization embedded in the strong growth in Risk-Weighted Assets (RWAs), with CIB ending the period with a Capital Adequacy Ratio (CAR) of 28.4%, and with a Common Equity Tier I (CET1) Capital Ratio of 23.6%. This solid capital position materialized while securing one of the highest returns to Shareholders, withReturn on Average Equity (ROAE) recording 40.5%for the first half of 2025.
For the remainder of the year, Management remains optimistic about the continued economic recovery ahead, while being prepared for a wide range of scenarios, capitalizing on the Bank’s resilient balance sheet structure, prudent risk management and operational readiness.
