Commercial International Bank
In December 2022, renowned banker Hisham Ezz El Arab was nominated by the CIB Board of Directors to be appointed as a non-executive chairman of the board of directors, after obtaining the approval of Egypt's Central Bank.
Fitch saw that pressures on the domestic operating environment have eased since end-3Q20, moderating downside risks to Egyptian banks' credit profiles. This reflects improving foreign-currency (FC) liquidity, with the banking sector's net foreign assets (NFAs) reaching $3.5 billion at end-April 2021.
As for the bank's standalone financial statements, it achieved profits of LE 10.29 billion during 2020, compared to profits of LE 11.8 billion in 2019.
The CIB's net profit declined to LE 7.34 billion during the period from January to September, 2020, compared to LE 8.53 billion recorded during the correspondent period in 2019.
The new board of directors is headed by Sherif Samy as a Non-Executive Chairman.
Earlier expectations indicated that CIB would be subjected to a violent shakeup in Sunday’s session, in light of the recent events of the bank.
It was decided to suspend all offers and applications registered on the bank’s shares before publishing this announcement.
The bank’s revenues increased to LE 23 billion in 2019, marking an increase of 13 percent on a year-on-year (YoY) basis.
The loan proceeds will be used to finance the company’s future expansion and capital expenditures for the company’s new product.
As per the first half of 2019, the bank’s consolidated net income hit LE 5.36 billion, with a 21 percent increase compared to the same half of 2018.
The US dollar exchange rate continued its downward trend during transactions at major banks on Sunday.
CIB’s issued capital is LE 11.6 billion, distributed over 1.16 billion shares at a nominal value of LE 10 per share.
The Commercial International Bank (CIB) will join the four banks issuing Aman Certificate; the bankhasalready obtained all approvals.
As per standalone results, CIB’s profits rose 22.45 percent during the first six months of 2018, to LE 4.41 billion.
As per standalone profits, the bank recorded a profit of LE 2.017 billion in Q1-18, compared to LE 1.78 billion in the same period of 2017.
The bank clarified that the minimum price of a certificate’s purchase is LE 5,000 and it can be multiplied by LE 1,000.
Net profit recorded LE 7.5 billion after taxes in 2017, compared to profits of LE 6 billion in 2016 after taxes.
The bank added that the board suggested distributing LE 1.16 billion to shareholders over last year, compared to dividends of LE 576.9 million in 2016.
The International Finance Corporation will increase its investments in Egypt to a billion dollars in the coming period, the IFC regional director said.
The U.S. dollar exchange rate declines five piasters at Banque du Caire and four piasters at Banque Misr.