Private banks in Egypt achieve record profits in 2024
Private banks operating in the Egyptian market recorded unprecedented profits in 2024, driven by substantial growth in interest income and operating revenues. Commercial International Bank Commercial International Bank (CIB) led the sector with net profits reaching EGP 55.427bn by December
CBE hosts Bank of Tanzania delegation to strengthen African financial cooperation
As part of Egypt’s commitment to deepening ties with African nations, the Central Bank of Egypt (CBE) has welcomed a high-level delegation from the Bank of Tanzania (BOT), led by its Deputy Governor. The visit aligns with the joint cooperation
CIB successfully closes EGP 7bn Sukuk issuance for “Tasaheel”
The Commercial International Bank (CIB) has successfully completed an EGP 7bn non-sovereign Sukuk issuance for “Tasaheel” for Finance, through Alkan Securities. It is the first non-sovereign issuance of its kind. The issuance is the largest of its kind in Africa
Egypt’s banking sector expands sustainable finance initiatives
Egypt’s banking sector, under the leadership of the Central Bank of Egypt (CBE), is intensifying its commitment to sustainable finance, playing a pivotal role in achieving the country’s Sustainable Development Goals (SDGs) and Vision 2030. Banks across the nation are
Saib reports EGP 1.74bn net profits in December 2024, achieving 81% growth
Saib bank concluded 2024 with an exceptional 81% surge in net profits, reaching EGP 1.74bn compared to EGP 963m in 2023. Pre-tax profits also experienced a robust 60% increase, rising to EGP 2.54bn from EGP 1.58bn the previous year. Net
HDB doubles net profits to EGP 11bn in 2024, marking 83.1% surge
The Housing and Development Bank (HDB) has reported a substantial increase in pre-tax and provisioned profits, reaching EGP 16.855bn in 2024, compared to EGP 9.444bn in 2023. This marks a rise of EGP 7.411bn or 78.5%. Net profits after tax
CIB reports full-year 2024 consolidated net income of EGP 55.2bn, up 86% YoY
Commercial International Bank (CIB) today announced its fourth-quarter 2024 consolidated net income of EGP 12.8bn, reflecting a 78% increase from the same period in 2023. Full-year 2024 consolidated net income reached EGP 55.2bn, or EGP 16.4 per share, marking an
Egypt’s foreign exchange earnings surge to $159.6bn in 2023/2024
Egypt’s foreign exchange earnings reached $159.6bn in the 2023/2024 fiscal year, marking a 30.8% increase from the $121.9bn reported in 2022/2023, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS). This growth was largely driven by
Egypt’s net foreign asset surplus reaches $11.99bn in January 2025
The Central Bank of Egypt (CBE) recorded a net foreign asset (NFA) surplus of $11.99bn (EGP 603.06bn) in January 2025, up from $11.64bn (EGP 592.47bn) in December 2024. Net foreign assets, which represent the difference between the CBE’s foreign currency
CIB outlines a 13-goal strategy for the next 50 Years
After fifty years in the Egyptian market, the Commercial International Bank (CIB) is aiming to solidify its position as a leading banking institution both in Egypt and the broader region with a comprehensive strategy built on innovation, sustainability, and a