CIB continues to grow healthy profits: Beltone

CIB continues to grow healthy profits: Beltone

healthy cib profits basisb witnessed
Egypt
  • Date: 06-Feb-2020
  • Source: Daily News…
  • Sector: Healthcare
  • Country: Egypt
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CIB continues to grow healthy profits: Beltone

The strong growth in profits is mainly due to the increase in net interest income to about EGP 4.8bn, representing 91% of the bank's core business income.. The increase in net interest income is due to the growth of the bank's financial position, contributing 55% of the total increase.. According to Beltone, operating expense witnessed a healthy decline of 9% on an annual basis, which led to a decrease in the cost-to-income ratio of about 585 basis points (bp) to 18.5%, while the decline in credit losses recorded a favourable decrease of 16.3% on an annual basis.. Total loans witnessed positive growth of 9.9% on an annual basis, and 7.3% on a quarterly basis, registering EGP 131.2bn as of December 2019.. It pointed out that the measures of asset quality witnessed a noticeable improvement, with the rate of non-performing loans declining from 5.3% in September 2019 to 4% in December, and the value of non-performing loans witnessed a decline of 19% on a quarterly basis, registering EGP 5.2bn.. Decrease in financing expenses improves NIM despite the decrease in return on assets. Beltone attributed this to the decrease in net interest income (loans) by about 158 bp on a quarterly basis..

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