Commercial International Bank (CIB) -COMI Reports Record Net Income Surge of 86% in FY 2024

Egypt’s largest private-sector bank, Commercial International Bank (CIB) (COMI), posted a record net income of EGP 55.2 billion for the financial year ended 2024, marking an 86% surge from EGP 29.66 billion in the previous year.

CIB’s Board of Directors approved the bank’s FY 2024 financial statements, alongside the annual appropriation account and governance report as per Egyptian Financial Regulatory Authority (FRA) requirements.

Additionally, the bank announced a capital increase from EGP 30.43 billion to EGP 30.71 billion through the issuance of 27.69 million new shares worth EGP 276.93 million. The increase aligns with the 16th tranche of the Employee Stock Ownership Plan (ESOP) and will be executed upon receiving regulatory approvals. Articles (6) and (7) of the Articles of Association will be amended accordingly.

Total revenues climbed 68% YoY to EGP 99.0 billion, Fourth-quarter earnings also saw a robust 78% YoY jump, with net income reaching EGP 12.8 billion.

 Loan and deposit growth remained strong, with total loans rising 50% to EGP 399 billion and deposits increasing 43% to EGP 968 billion.

Attached the bank earning release

4Q24 Press Release.pdf

Download PDF • 240KB

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