Banque Misr grants EGP 2.6bn credit facility to Hyde Park for ‘Sea Shore’ project
Banque Misr has signed a credit facility agreement with Hyde Park Developments, providing EGP 2.6bn in financing to support the investment costs of the Sea Shore project on Egypt’s North Coast. The signing ceremony was attended by Hisham Okasha, CEO
Islamic banking in Egypt increases to EGP 1.14trn in 2024
The Islamic banking sector in Egypt reached EGP 1.14trn in 2024, representing approximately 5% of the total banking market, according to Mohamed El-Beltagy, Chairperson of the Egyptian Islamic Finance Association (EIFA). This marks an increase of EGP 412bn compared to
CIB, Kenya Bankers Association launch 3rd Credit Analysis Programme for university graduates
Commercial International Bank – Egypt (CIB) and Kenya Bankers Association (KBA) have announced the launch of the third edition of the Credit Analysis Programme in East Africa. This initiative is designed to equip university graduates with essential credit assessment and
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