Cairo – Mubasher: Commercial International Bank-Egypt (CIB) registered EGP 42.34 billion in consolidated net profit during the first nine months (9M) of 2024.
The reported net profits were higher by 89% year-on-year (YoY) than EGP 22.40 billion, according to the financial results.
Net operating income hit EGP 71.54 billion in 9M-24, an annual leap of 82% from EGP 39.32 billion.
Total assets jumped by 34% to EGP 1.11 trillion as of 30 September 2024 from EGP 834.86 billion as of 31 December 2023, while the customer deposits increased by 33% to EGP 900.96 billion from EGP 677.23 billion.
Standalone Results
Non-consolidated net profit after tax reached EGP 42.55 billion in the January-September 2024 period, marking an annual surge of 96% from EGP 21.73 billion.
CIB registered net operating income valued at EGP 71.41 billion in 9M-24, higher by 87%YoY than EGP 38.23 billion.
Financials for Q3-24
In the third quarter (Q3) of 2024, CIB generated 77% YoY higher consolidated net profits at EGP 14.80 billion, compared to EGP 8.35 billion.
In the three-month period that ended on 30 September 2024, the net operating income amounted to EGP 25.29 billion, up 83% from EGP 13.84 billion in Q3-23.
On a quarterly basis, the Q3-24 profits declined by 5% from EGP 15.62 billion in Q2-24, while the net operating income climbed by 4% from EGP 24.42 billion.
As for the standalone results, the EGX-listed lender posted a 96% YoY leap in net profit after tax to EGP 14.87 billion in Q3-24, compared to EGP 7.58 billion. Net operating income hiked by 98% to EGP 25.22 billion from EGP 12.72 billion.
