Commercial Intnl Bank (Egypt) SAE

Earnings Release • Jul 22, 2025

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RNS Number : 9495R

Commercial Intnl Bank (Egypt) SAE

22 July 2025

News Release

21 July 2025

COMMERCIAL INTERNATIONAL BANK ("CIB") REPORTS

SECOND -QUARTER 2025 CONSOLIDATED REVENUE OF EGP 27.8 BILLION AND NET INCOME OF EGP 16.7 BILLION, OR EGP 4.88 PER SHARE, UP 7% FROM SECOND-QUARTER 2024

·    Second-Quarter 2025 Consolidated Financial Results

o  Net income of EGP 16.7 billion, up 7% year-on-year (YoY)

o  Revenues of EGP 27.8 billion, up 13% YoY

o  Return on average equity (ROAE) of 39.9%

o  Return on average assets (ROAA) of 5.17%

o  Efficiency ratio of 14.3%

o  Net interest margin (NIM) [1] of 8.79%

·    First-Half 2025 Consolidated Financial Results

o  Net income of EGP 33.3 billion, up 21% YoY

o  Revenues of EGP 54.9 billion, up 18% YoY

o  ROAE of 40.5%

o  ROAA of 5.26%

o  Efficiency ratio of 14.4%

o  NIM 1 of 8.94%

·    Balance Sheet Performance

o  Total tier capital recorded EGP 209 billion, or 28.4% of risk-weighted assets.

o  CBE local currency liquidity ratio of 55.0 % , foreign currency liquidity ratio of 74.0 % (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 91% of total liabilities

o  Non-performing loans coverage ratio of 338%

·    Supporting our Economy

o  Funding to businesses and individuals recorded EGP 496 billion, growing by 24% through first-half 2025, with real growth of 25% net of the EGP appreciation impact, with a loan market share of 4.72% [2] .

o  Deposits recorded EGP 1.04 trillion, growing by 7% through first-half 2025, with real growth of 9% net of the EGP appreciation impact, with a deposit market share of 6.96%2.

o  Loan-to-Deposit Ratio recorded 47.7% by end of first-half 2025.

o  In second-quarter 2025, CIB's operations generated EGP 8.57 billion in corporate, payroll and other taxes.

·    Committed to our Community

o  CIB Foundation funded "Sonaa El Kheir" as part of "L'Misr Initiative" to provide comprehensive medical care to children in remote areas.

o  CIB Foundation disbursed the first installment to "Al - Naas Hospital for Children's Heart" to sponsor 125 open-heart surgeries and 125 catheterizations.

o  CIB Foundation financed "Raie Masr" with the second installment to buy 3 outfitted medical convoys and fund the operating costs of 2,200 convoys.

o  CIB Foundation supported the annual operating costs of "Yahiya Arafa Children's Charity Foundation" to manage 3 units in Ain Shams University Hospitals.

o  CIB Foundation funded "Egyptian Clothing Bank" to manufacture and distribute 100 thousand 2-piece clothing sets to underprivileged children.

o  CIB Foundation sponsored "Ahl Masr Foundation" for surgeries and medications of pediatric burn injuries.

·    Awards & Rankings

o  Global Finance:

§ Best FX Bank in Egypt

§ Best Bank for Sustainable Finance in Emerging Markets

§ Best Bank for Sustainability Transparency

§ Best Private Bank Award

§ Best SME Bank Award

§ Best Trade Finance Award

§ Lifetime Achievement Award

§ Best Bank for Cash Management in Egypt

§ Best Sub-Custodian Bank

o  MEED:

§ Best SME Bank in Egypt

§ Excellence in Supply Chain Financing

§ Best Bank in Egypt

§ Best ESG Strategy

§ Best Sustainable Finance Initiative

§ CEO of the Year

o  Finnovex:

§ Excellence in Digital Banking in North Africa

o  African Banker:

§ Best Regional Bank in North Africa

CAIRO - 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 Mortgage Loans. 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 latter was 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, with Return 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."

SECOND-QUARTER 2025 FINANCIAL HIGHLIGHTS

REVENUES

Second-quarter 2025 standalone revenues were EGP 27.8 billion, up 13% from second-quarter 2024. First-half 2025 standalone revenues were EGP 54.6 billion, up 18% from first-half 2024, backed by 23% increase in net interest income, partially slowed-down by 30% decrease in non-interest income.

NET INTEREST INCOME   

First-half 2025 standalone net interest income recorded EGP 51.2 billion, increasing by 23% YoY, generated at 8.94% Total NIM 1 , with Local Currency NIM 1 recording 13.1%, coming 51 basis points (bp) higher YoY, while Foreign Currency NIM 1 recorded 2.71%, decreasing by 114bp YoY.

NON-INTEREST INCOME

First-half 2025 standalone non-interest income recorded EGP 3.47 billion, coming 30% lower YoY. Trade service fees recorded EGP 1.72 billion, growing by 5% YoY, with outstanding balance of EGP 302 billion [3] .

OPERATING EXPENSE

First-half 2025 standalone operating expense recorded EGP 7.54 billion, up 35% YoY. Cost-to-income reported 13.8%, coming 180bp higher YoY, yet remaining comfortably below the desirable level of 30%.

LOANS

Gross Loans recorded EGP 496 billion, growing by 24% or EGP 96.3 billion Year-to-Date (YtD), with real growth of 25% or EGP 99.2 billion net of the EGP appreciation impact, generated by LCY Loan Bookings of 29% or EGP 80.5 billion, together with FCY Loans growing by 16% or USD 377 million. CIB's loan market share reached 4.72% as of February 2025, with private corporate loan market share recording 9.23%.

DEPOSITS

Deposits recorded EGP 1.04 trillion, growing by 7% or EGP 72.3 billion YtD, with real growth of 9% or EGP 82.2 billion net of the EGP appreciation impact, generated by LCY Deposits adding 8% or EGP 43.1 billion, coupled with FCY Deposits adding 10% or USD 790 million. CIB's deposit market share recorded 6.96% as of February 2025.

ASSET QUALITY

Standalone non-performing loans represented 2.63% of the gross loan portfolio, and were covered 338% by the Bank's EGP 44.1 billion loan loss provision balance. First-half 2025 impairment for credit losses recorded a release of EGP 346 million compared to a charge of EGP 2.06 billion in first-half 2024 .

CAPITAL AND LIQUIDITY

Total tier capital recorded EGP 209 billion, or 28.4% of risk-weighted assets as of June 2025. Tier I capital reached EGP 174 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 55.0% by end of June 2025, compared to the regulator's threshold of 20%, and foreign currency liquidity ratio reaching 74.0%, above the threshold of 25%. NSFR was 207% for local currency and 216% for foreign currency, and LCR was 530% for local currency and 407% for foreign currency, comfortably above the 100% Basel III requirement.

KEY METRICS AND BUSINESS UPDATES [4]

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 recorded EGP 398 billion.

o  End-of-period deposits recorded EGP 345 billion.

o  Gross outstanding contingent business reached EGP 310 billion.

BUSINESS BANKING

o  End-of-period gross loans recorded EGP 14 billion.

o  End-of-period deposits recorded EGP 102 billion .

o  Gross outstanding contingent business reached EGP 6.5 billion.

RETAIL INDIVIDUALS BANKING

o  End-of-period gross loans recorded EGP 84 billion.

o  End-of-period deposits recorded EGP 593 billion.

o  CIB continued to expand its network to reach a total of 200 branches and 13 units across Egypt, supported by a network of 1,452 ATMs.

CONSOLIDATED FINANCIAL HIGHLIGHTS
Income Statement	2Q25	1Q25	QoQ Change	2Q24	YoY Change	1H25	1H24	YoY Change
EGP million	EGP million	(2Q25 vs. 1Q25)	EGP million	(2Q25 vs. 2Q24)	EGP million	EGP million	(1H25 vs. 1H24)
Net Interest Income	25,940	25,396	2%	22,737	14%	51,335	41,537	24%
Non-Interest Income	1,892	1,643	15%	1,846	3%	3,535	4,903	-28%
Net Operating Income	27,832	27,039	3%	24,583	13%	54,870	46,440	18%
Non-Interest Expense	(3,983)	(3,932)	1%	(2,870)	39%	(7,916)	(5,799)	36%
Total Provisions*	(291)	(405)	-28%	(785)	-63%	(695)	(2,239)	-69%
Net Profit before Tax	23,558	22,702	4%	20,928	13%	46,260	38,402	20%
Income Tax	(6,982)	(6,480)	8%	(5,572)	25%	(13,462)	(11,499)	17%
Deferred Tax	138	411	-67%	267	-48%	549	644	-15%
Net Profit for the Period	16,713	16,633	0%	15,622	7%	33,347	27,547	21%
Non-Controlling Interest	(0.4)	1.4	NM	(0.1)	261%	0.9	0.3	185%
Bank's Shareholders	16,714	16,632	0%	15,623	7%	33,346	27,547	21%
Financial Indicators	2Q25	1Q25	QoQ Change	2Q24	YoY Change	1H25	1H24	YoY Change
		(2Q25 vs. 1Q25)		(2Q25 vs. 2Q24)			(1H25 vs. 1H24)
Profitability
ROAE	39.9%	42.8%	-7%	56.8%	-30%	40.5%	52.5%	-23%
ROAA	5.17%	5.37%	-4%	6.14%	-16%	5.26%	5.82%	-10%
Efficiency
Cost-to-Income	14.3%	14.5%	-2%	11.7%	23%	14.4%	12.5%	16%
Liquidity
Gross Loans-to-Deposits	47.7%	42.8%	11%	38.7%	23%	47.7%	38.7%	23%
Asset Quality
NPLs-to-Gross Loans	2.68%	3.14%	-15%	4.13%	-35%	2.68%	4.13%	-35%
Capital Adequacy Ratio	28.4%	26.8%	6%	26.2%	8%	28.4%	26.2%	8%

*Total Provisions include "Impairment release (charges) for credit losses" and "Release (charges) of other provisions", reported under "Other operating income (expenses)".

STANDALONE FINANCIAL HIGHLIGHTS
Income Statement	2Q25	1Q25	QoQ Change	2Q24	YoY Change	1H25	1H24	YoY Change
EGP million	EGP million	(2Q25 vs. 1Q25)	EGP million	(2Q25 vs. 2Q24)	EGP million	EGP million	(1H25 vs. 1H24)
Net Interest Income	25,855	25,296	2%	22,680	14%	51,151	41,440	23%
Non-Interest Income	1,933	1,537	26%	1,832	6%	3,469	4,933	-30%
Net Operating Income	27,788	26,833	4%	24,512	13%	54,621	46,373	18%
Non-Interest Expense	(3,795)	(3,749)	1%	(2,728)	39%	(7,544)	(5,568)	35%
Total Provisions*	(293)	(386)	-24%	(731)	-60%	(679)	(2,245)	-70%
Net Profit before Tax	23,699	22,699	4%	21,053	13%	46,398	38,560	20%
Income Tax	(6,963)	(6,514)	7%	(5,533)	26%	(13,478)	(11,255)	20%
Deferred Tax	78	411	-81%	217	-64%	489	378	29%
Net Profit	16,814	16,596	1%	15,737	7%	33,410	27,683	21%
Financial Indicators	2Q25	1Q25	QoQ Change	2Q24	YoY Change	1H25	1H24	YoY Change
		(2Q25 vs. 1Q25)		(2Q25 vs. 2Q24)			(1H25 vs. 1H24)
Profitability
ROAE	40.4%	43.0%	-6%	57.7%	-30%	40.8%	53.1%	-23%
ROAA	5.23%	5.38%	-3%	6.22%	-16%	5.29%	5.88%	-10%
NIM**	8.79%	9.09%	-3%	9.72%	-10%	8.94%	9.52%	-6%
Efficiency
Cost-to-Income	13.7%	14.0%	-2%	11.1%	23%	13.8%	12.0%	15%
Liquidity
Gross Loans-to-Deposits	47.7%	42.7%	12%	38.6%	24%	47.7%	38.6%	24%
Asset Quality
NPLs-to-Gross Loans	2.63%	3.07%	-14%	4.08%	-36%	2.63%	4.08%	-36%
Direct Coverage Ratio	338%	337%	0%	314%	8%	338%	314%	8%

*Total Provisions include "Impairment release (charges) for credit losses" and "Release (charges) of other provisions", reported under "Other operating income (expenses)".

**NIM based on managerial accounts

	Consolidated			Standalone
BALANCE SHEET	Jun-25	Dec-24	YtD Change	Jun-25	Dec-24	YtD Change
	EGP million	EGP million	(Jun-25 vs. Dec-24)	EGP million	EGP million	(Jun-25 vs. Dec-24)
Cash and Balances at the Central Bank	101,492	136,531	-26%	100,535	136,166	-26%
Due from Banks	231,527	270,830	-15%	231,775	270,089	-14%
Net Loans and Advances	450,441	353,098	28%	447,768	350,511	28%
Derivative Financial Instruments	1,166	820	42%	1,166	820	42%
Financial Investments	476,059	402,630	18%	472,511	400,307	18%
Investments in Associates and Subsidiaries	40	98	-59%	853	872	-2%
Other Assets	60,370	50,966	18%	60,015	50,554	19%
Total Assets	1,321,096	1,214,973	9%	1,314,623	1,209,319	9%
Due to Banks	2,991	2,035	47%	2,976	2,318	28%
Customer Deposits	1,045,325	972,596	7%	1,040,233	967,895	7%
Other Liabilities	95,474	87,523	9%	95,340	87,419	9%
Total Liabilities	1,143,790	1,062,154	8%	1,138,549	1,057,632	8%
Shareholders' Equity & Net Profit	177,099	152,636	16%	176,074	151,686	16%
Non-Controlling Interest	207	183	13%	0	0	NM
Total Liabilities & Shareholders' Equity	1,321,096	1,214,973	9%	1,314,623	1,209,319	9%

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[1] Based on standalone managerial accounts.

[2] As of February 2025; latest available CBE data at time of publishing.

[3] Net of Collateral, Gross of Provisions.

[4] Loan, deposit, and outstanding contingent balances are based on managerial accounts. Outstanding contingent balances are gross of collateral and provisions.

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