REG - Commercial Int Bank - CIB FY2024 Earnings Release
19/02/2025 07:00
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RNS Number : 6690X Commercial Intnl Bank (Egypt) SAE 19 February 2025
News Release
18 February 2025
COMMERCIAL INTERNATIONAL BANK ("CIB") REPORTS
FULL-YEAR 2024 CONSOLIDATED REVENUE OF EGP 99.0 BILLION AND NET INCOME OF
EGP 55.2 BILLION, OR EGP 16.4 PER SHARE, UP 86% FROM FULL-YEAR 2023
FOURTH-QUARTER 2024 CONSOLIDATED REVENUE OF EGP 27.0 BILLION AND NET INCOME OF
EGP 12.8 BILLION, UP 78% FROM FOURTH-QUARTER 2023
· Fourth-Quarter 2024 Consolidated Financial Results
o Net income of EGP 12.8 billion, up 78% year-on-year (YoY)
o Revenues of EGP 27.0 billion, up 57% YoY
o Return on average equity (ROAE) of 35.3%
o Return on average assets (ROAA) of 4.40%
o Efficiency ratio of 17.5%
o Net interest margin (NIM) 1 of 9.43%
· Full-Year 2024 Consolidated Financial Results
o Net income of EGP 55.2 billion, up 86% YoY
o Revenues of EGP 99.0 billion, up 68% YoY
o ROAE 2 of 49.5%
o ROAA2 of 5.44%
o Efficiency ratio of 14.0%
o NIM1 of 9.48%
· Balance Sheet Performance
o Total tier capital recorded EGP 162 billion, or 24.1% of risk-weighted
assets.
o CBE local currency liquidity ratio of 45.9%, foreign currency liquidity
ratio of 74.4% (comfortably above CBE requirements of 20% and 25%,
respectively)
o CIB remains well above the 100% requirement in the Basel III NSFR and LCR
ratios.
o High quality of funding, with customer deposits comprising 92% of total
liabilities
o Non-performing loans coverage ratio of 351%
· Supporting our Economy
o Funding to businesses and individuals recorded EGP 399 billion, growing by
50% over full-year 2024, or 27% net of the EGP devaluation impact, with a loan
market share of 4.53%(( 3 )).
o Deposits recorded EGP 968 billion, growing by 43% over full-year 2024, or
19% net of the EGP devaluation impact, with a deposit market share of
6.96%(3).
o Loan-to-Deposit Ratio recorded 41.3% by end of full-year 2024.
o In Full Year 2024, CIB's operations generated EGP 26.4 billion in
corporate, payroll and other taxes.
· Committed to our Community
o CIB Foundation financed "Magdi Yacoub Heart Foundation" to perform 125
pediatric open-heart surgeries and 125 catheterizations.
o CIB Foundation disbursed the first installment to "Raie Masr Foundation"
to buy 3 mobile clinics and operate 2,200 medical convoys.
o CIB Foundation supported "Shifa' Al-Orman Hospital" to purchase
medications and equipment for the Emergency Department.
o CIB Foundation sponsored "Aswan University Hospital" to outfit the
Pediatric Neurosurgery Department.
o CIB Foundation started establishing a "Rehabilitation Center for Children
with Cerebral Palsy and Muscular Dystrophy" in Alexandria.
o CIB Foundation collaborated with "Maghrabi Foundation" to perform
pediatric eye surgeries.
· Awards & Rankings
o Global Finance:
§ Best FX Bank in Egypt
§ Best Bank for Sustainable Finance in Emerging Markets for Africa
§ Best Bank for Sustainable Finance in Egypt
§ Best Private Bank in Egypt
§ Best Bank in Egypt
§ Best Bank for Collections in Africa
§ Best Overall Bank for Cash Management
§ Market Leader for Treasury and Cash Management
§ Best FX Bank in Egypt 2025
o MEED:
§ Cash Manager of the Year in MENA Region
§ Best Digital Bank in Egypt
o EMEA:
§ Best Financial Institution for Syndicated Loans in North Africa
§ Best Securitization House in Africa
§ Best Telecommunications Deal - Etisalat Egypt - Loan Facilities for CAPEX
Programs
§ Best Property Deal - Orascom for Real Estate - Syndicated Loan
o Euromoney:
§ Best Bank in Egypt
§ Best Digital Bank in Egypt
§ Best Bank for ESG in Egypt
§ Best Bank for FX in Egypt
§ Market Leader for Corporate Social Responsibility (CSR) in Egypt
§ Market Leader for SME Banking in Egypt
§ Highly-Regarded Investment Banking
§ Market Leader for Corporate Banking
§ Market Leader for Digital Solutions
o Fortune:
§ Ranked from Top 10 of Fortune's 2024 "Change the World List"
CAIRO - Commercial International Bank (EGX: COMI) today reported
fourth-quarter 2024 consolidated net income of EGP 12.8 billion, up by 78%
from fourth-quarter 2023. Full-Year 2024 consolidated net income recorded EGP
55.2 billion, or EGP 16.4 per share, up by 86% from last year.
Management Commented: "Concluding an eventful year of considerable
macroeconomic changes, CIB ended 2024 on a high note, achieving another
milestone in financial performance, reiterating its leading market position in
terms of both profitability and solvency through the year, while remaining
committed to elevate the overall customer banking experience. As a matter of
fact, this year is considered remarkable for CIB, recording a total footing
over EGP 1 trillion and a bottom line beyond EGP 55 billion, to mark the first
Private-Sector and Listed Bank in the Egyptian Banking Sector to record a
One-Billion-US-Dollar Bottom Line, growing from last year by 13% in US Dollar
terms.
This exemplary performance was primarily driven by genuine growth in core
business, with CIB growing its local currency customer deposit base through
the year by 21% or EGP 99 billion, and its foreign currency deposit base by
16% or USD 1.1 billion. Of total deposit acquisitions, 59% came in Current and
Saving Accounts (CASA), which sustained its healthy contribution to Total
Deposits at 56%, further attesting the due focus placed by Management on
growing its funding base while not compromising on margins and spreads. This,
coupled with proactive treasury management and allocation of funds, reflected
into growing margins, with Net Interest Margin (NIM) growing by 193 basis
points (bp) from last year to reach a record 9.48%.
Moreover, and notwithstanding the high interest-rate environment, this year
was outstanding for CIB in terms of lending activity, growing its local
currency loans by a record 47% or EGP 90 billion, of which EGP 38 billion came
in the fourth quarter, growing by 16%, to mark the highest quarterly growth
rate and net sales in the Bank's history, in line with Management efforts to
diligently grow the Bank's core business, in special light of expectations for
an upcoming period of impressive lending uplift. Lending Growth was primarily
driven by Corporate Banking, particularly in the lucrative Service and
Industrial Sectors, while simultaneously managing to exceed the required
minimum stipulated by CBE for funding to Small-and-Medium-Sized-Enterprises
(SMEs) at 26%, further reiterating Management conviction in the Bank's role in
fostering growth in this crucial sector of the Egyptian Economy. This came
coupled with continuous diversification of credit products to Individuals,
which reflected into parallel strong growth in Retail Loans, mainly in
Personal Loans and Credit Cards, with over 171 thousand of new Credit Cards
opened during the year, besides increasing the limits for over 78 thousand
Cards, which fed into 46% growth in the Bank's Credit Card Portfolio compared
to last year.
With that, CIB continued to outperform, upholding a Gross Loan Portfolio of
EGP 399 billion by end of 2024, marking the largest Private-Sector lender in
the Egyptian Banking Sector, and EGP 430 billion when further accounting for
Securitization Deals. Consequently, the Gross-Loan-to-Deposit Ratio for CIB
reached 41.3%, and 44.4% after accounting for Securitization Deals amounting
to EGP 30 billion, and with that pertaining to local currency recording a high
of 55.4%. This exceptional lending activity, coupled with strong growth in the
Bank's Contingent Business by 65% or EGP 114 billion, fed into the sustainable
stream of non-interest income, with strong fee and commission income growth by
30% compared to last year. That notable financial performance further cemented
the Bank's capital position, favorably accommodating to its core business
growth, with Capital Adequacy Ratio (CAR) maintained at a healthy level of
24.1%, after accounting for 2024 Proposed Profit Appropriation.
The previous came supported by a solid Digital Infrastructure, which allowed
CIB to continue to pioneer in Digital Banking and Alternative Channels, as
reflected in the significant increase in volume and value of transactions,
with more than 1.7 million users in Online Banking Digital Platforms by end of
2024, recording a 12% increase from last year, and with more than 60% increase
in transaction value, to reach EGP 3.3 trillion across all of the Bank's
Digital Channels. In tandem, CIB managed to attract 275 thousand of
New-to-Bank Customers during 2024, with the Bank's Clientele Base reaching 2.2
million Customers by 2024 Year-End.
Moving into 2025, Management remains positive about the economic outlook for
Egypt, in general, and about the ability of CIB, in particular, to navigate
through market variations in special light of the expected upcoming monetary
easing cycle, drawing on its proven track record of resilient balance sheet
fundamentals and effective management, while maintaining a future-ready vision
that aligns with evolving financial trends worldwide."
FOURTH-QUARTER 2024 FINANCIAL HIGHLIGHTS
REVENUES
Fourth-quarter 2024 standalone revenues were EGP 26.8 billion, up 59% from
fourth-quarter 2023. Full-Year 2024 standalone revenues were EGP 98.6 billion,
up 72% from full-year 2023, on the back of 72% increase in net interest
income, coupled with 67% increase in non-interest income.
NET INTEREST INCOME
Full-Year 2024 standalone net interest income recorded EGP 90.8 billion,
increasing by 72% YoY, generated at 9.48% Total NIM1, which increased by 193bp
YoY, with Local Currency NIM1 recording 13.1%, coming 374bp higher YoY, while
Foreign Currency NIM1 recorded 3.35%, coming 52bp lower YoY.
NON-INTEREST INCOME
Full-Year 2024 standalone non-interest income recorded EGP 7.79 billion,
coming 67% higher YoY. Trade service fees recorded EGP 3.58 billion, growing
by 57% YoY, with outstanding balance of EGP 288 billion 4 .
OPERATING EXPENSE
Full-Year 2024 standalone operating expense recorded EGP 13.3 billion, up 37%
YoY. Cost-to-income reported 13.5%, coming 349bp lower YoY, and remaining
comfortably below the desirable level of 30%.
LOANS
Gross loan portfolio recorded EGP 399 billion, growing by 50% over full-year
2024, with real growth of 27% net of the EGP devaluation impact, which added
EGP 47.8 billion to the EGP equivalent balance. Growth was driven wholly by
local currency loans, increasing by 47% or EGP 89.8 billion, sufficiently
counterbalancing net foreign currency loan repayments of 3% or USD 80.8
million. CIB's loan market share reached 4.53% as of September 2024, with
private corporate loan market share recording 8.41%.
DEPOSITS
Deposits recorded EGP 968 billion, growing by 43% over full-year 2024, with
real growth of 19% net of the EGP devaluation impact, which added EGP 137
billion to the EGP equivalent balance. Growth was driven by local currency
deposits, increasing by 21% or EGP 99.1 billion, together with foreign
currency deposits adding 16% or USD 1.12 billion. CIB's deposit market share
recorded 6.96% as of September 2024.
ASSET QUALITY
Standalone non-performing loans represented 3.24% of the gross loan portfolio,
and were covered 351% by the Bank's EGP 45.4 billion loan loss provision
balance. Full-Year 2024 impairment charge for credit losses recorded EGP 4.47
billion compared to EGP 4.29 billion in full-year 2023.
CAPITAL AND LIQUIDITY
Total tier capital recorded EGP 162 billion, or 24.1% of risk-weighted assets
as of December 2024. Tier I capital reached EGP 135 billion, or 83% of total
tier capital. CIB maintained its comfortable liquidity position above CBE
requirements and Basel III guidelines in both local currency and foreign
currency. CBE liquidity ratios remained well above the regulator's
requirements, with local currency liquidity ratio recording 45.9% by end of
December 2024, compared to the regulator's threshold of 20%, and foreign
currency liquidity ratio reaching 74.4%, above the threshold of 25%. NSFR was
239% for local currency and 236% for foreign currency, and LCR was 1709% for
local currency and 403% for foreign currency, comfortably above the 100% Basel
III requirement.
KEY METRICS AND BUSINESS UPDATES(( 5 ))
o #1 private-sector bank in Egypt in terms of revenues, net income,
deposits, loans, and total assets.
INSTITUTIONAL BANKING
o End-of-period gross loans were EGP 309 billion, 56% higher YoY, with real
growth of 26% net of the EGP devaluation impact, predominantly on 54% growth
in local currency loans.
o End-of-period deposits were EGP 341 billion, 38% higher YoY, with real
growth of 14% net of the EGP devaluation impact, backed by foreign currency
deposits increasing by 17%, coupled with local currency deposits increasing by
12%.
o Gross outstanding contingent business reached EGP 297 billion, 65% higher
YoY.
BUSINESS BANKING
o End-of-period gross loans were EGP 12 billion, 44% higher YoY, with local
currency loans increasing by 44%.
o End-of-period deposits were EGP 91 billion, 51% higher YoY, with real
growth of 28% when excluding the EGP devaluation impact, backed by growth in
local and foreign currency deposits by 37% and 15%, respectively.
o Gross outstanding contingent business reached EGP 5.5 billion, 48% higher
YoY.
RETAIL INDIVIDUALS BANKING
o End-of-period gross loans were EGP 78 billion, 33% higher YoY, with real
growth of 32% net of the EGP devaluation impact, wholly on 33% growth in local
currency loans.
o End-of-period deposits were EGP 536 billion, 45% higher YoY, with real
growth of 21% net of the EGP devaluation impact, driven by growth in local and
foreign currency deposits by 25% and 16%, respectively.
o CIB continued to expand its network to reach a total of 198 branches and
14 units across Egypt, supported by a network of 1,388 ATMs.
CONSOLIDATED FINANCIAL HIGHLIGHTS
Income Statement 4Q24 3Q24 QoQ Change 4Q23 YoY Change FY24 FY23 YoY Change
EGP million EGP million (4Q24 vs. 3Q24) EGP million (4Q24 vs. 4Q23) EGP million EGP million (FY24 vs. FY23)
Net Interest Income 25,381 24,146 5% 15,199 67% 91,064 52,930 72%
Non-Interest Income 1,609 1,380 17% 1,950 -17% 7.892 5,909 34%
Net Operating Income 26,991 25,526 6% 17,149 57% 98,956 58,838 68%
Non-Interest Expense (4,715) (3,382) 39% (3,574) 32% (13,896) (10,076) 38%
Total Provisions* (3,761) (1,925) 95% (3,527) 7% (7,925) (7,109) 11%
Net Profit before Tax 18,514 20,219 -8% 10,047 84% 77,136 41,653 85%
Income Tax (6,341) (5,709) 11% (3,560) 78% (23,549) (13,100) 80%
Deferred Tax 736 291 153% 765 -4% 1,670 1,158 44%
Net Profit from Continued Operations 12,909 14,801 -13% 7,252 78% 55,257 29,711 86%
Net Profit from Discontinued Operations 0.0 0.0 NM 7.6 NM 0.0 (42) NM
Net profit 12,909 14,801 -13% 7,260 78% 55,257 29,669 86%
Non-Controlling Interest 60.4 (0.4) NM 31.0 95% 60.3 34.3 76%
Bank's Shareholders 12,848 14,801 -13% 7,229 78% 55,196 29,635 86%
Financial Indicators 4Q24 3Q24 QoQ Change 4Q23 YoY Change FY24 FY23 YoY Change
(4Q24 vs. 3Q24) (4Q24 vs. 4Q23) (FY24 vs. FY23)
Profitability
ROAE** 35.3% 46.0% -23% 34.5% 3% 49.5% 39.7% 25%
ROAA** 4.40% 5.44% -19% 3.51% 25% 5.44% 4.06% 34%
Efficiency
Cost-to-Income 17.5% 13.2% 32% 20.8% -16% 14.0% 17.1% -18%
Liquidity
Gross Loans-to-Deposits 41.4% 39.5% 5% 39.5% 5% 41.4% 39.5% 5%
Asset Quality
NPLs-to-Gross Loans 3.30% 4.43% -26% 3.59% -8% 3.30% 3.59% -8%
Capital Adequacy Ratio 24.1% 29.1% -17% 26.2% -8% 24.1% 26.2% -8%
*Total Provisions include "Impairment release (charges) for credit losses" and
"Release (charges) of other provisions", reported under "Other operating
income (expenses)".
**Full-Year ROAE and ROAA after profit appropriation
STANDALONE FINANCIAL HIGHLIGHTS
Income Statement 4Q24 3Q24 QoQ Change 4Q23 YoY Change FY24 FY23 YoY Change
EGP million EGP million (4Q24 vs. 3Q24) EGP million (4Q24 vs. 4Q23) EGP million EGP million (FY24 vs. FY23)
Net Interest Income 25,290 24,086 5% 15,160 67% 90,816 52,747 72%
Non-Interest Income 1,484 1,369 8% 1,653 -10% 7,786 4,664 67%
Net Operating Income 26,774 25,455 5% 16,812 59% 98,602 57,411 72%
Non-Interest Expense (4,538) (3,227) 41% (3,462) 31% (13,334) (9,766) 37%
Total Provisions* (3,709) (1,913) 94% (3,507) 6% (7,867) (7,120) 10%
Net Profit before Tax 18,526 20,315 -9% 9,844 88% 77,401 40,525 91%
Income Tax (6,317) (5,709) 11% (3,535) 79% (23,281) (13,076) 78%
Deferred Tax 661 269 146% 728 -9% 1,308 1,319 -1%
Net Profit 12,871 14,874 -13% 7,036 83% 55,428 28,768 93%
Financial Indicators 4Q24 3Q24 QoQ Change 4Q23 YoY Change FY24 FY23 YoY Change
(4Q24 vs. 3Q24) (4Q24 vs. 4Q23) (FY24 vs. FY23)
Profitability
ROAE** 35.6% 46.5% -23% 33.6% 6% 50.0% 38.6% 29%
ROAA** 4.43% 5.49% -19% 3.43% 29% 5.48% 3.95% 39%
NIM*** 9.43% 9.46% -0.3% 8.05% 17% 9.48% 7.55% 26%
Efficiency
Cost-to-Income 17.0% 12.7% 34% 20.6% -18% 13.5% 17.0% -21%
Liquidity
Gross Loans-to-Deposits 41.3% 39.4% 5% 39.4% 5% 41.3% 39.4% 5%
Asset Quality
NPLs-to-Gross Loans 3.24% 4.39% -26% 3.54% -8% 3.24% 3.54% -8%
Direct Coverage Ratio 351% 289% 22% 309% 13% 351% 309% 13%
* Total Provisions include "Impairment release (charges) for credit losses"
and "Release (charges) of other provisions", reported under "Other operating
income (expenses)".
**Full-Year ROAE and ROAA after profit appropriation
***NIM based on managerial accounts
BALANCE SHEET
Consolidated Standalone
Balance Sheet Dec-24 Dec-23 YoY Change Dec-24 Dec-23 YoY Change
EGP million EGP million (Dec-24 Vs. EGP million EGP million (Dec-24 Vs.
Dec-23)
Dec-23)
Cash and Balances at The Central Bank 136,531 71,888 90% 136,166 71,747 90%
Due from Banks 270,830 231,085 17% 270,089 230,709 17%
Net Loans and Advances 353,098 235,808 50% 350,511 234,647 49%
Derivative Financial Instruments 820 1,105 -26% 820 1,102 -26%
Financial Investments 402,630 271,466 48% 400,307 270,138 48%
Investments in Associates and Subsidiaries 98 116 -15% 872 672 30%
Other Assets 50,966 23,397 118% 50,554 23,512 115%
Total Assets 1,214,973 834,866 46% 1,209,319 832,527 45%
Due to Banks 2,035 12,458 -84% 2,318 12,427 -81%
Due to Customers 972,596 677,237 44% 967,895 675,310 43%
Other Liabilities 87,523 54,529 61% 87,419 54,490 60%
Total Liabilities 1,062,154 744,225 43% 1,057,632 742,227 42%
Shareholders' Equity & Net Profit 152,636 90,481 69% 151,686 90,300 68%
Non-Controlling Interest 183 160 14% 0 0 NM
Total Liabilities & Shareholders' Equity 1,214,973 834,866 46% 1,209,319 832,527 45%
1 Based on standalone managerial accounts.
(( 2 )) After 2024 profit appropriation.
3 As of September 2024; latest available CBE data at time of publishing.
4 Net of Collateral, Gross of Provisions.
5 1) Loan, deposit, and outstanding contingent balances are based on
managerial accounts. 2) Growth in foreign currency balances is in real terms,
excluding the effect of EGP devaluation by EGP 19.95 YoY. 3) Outstanding
contingent balances are gross of collateral and provisions.
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