Cairo, Egypt – Forbes Middle East recently announced that the Commercial International Bank (CIB), Egypt’s leading private sector bank, topped Forbes' “Top Listed Companies in Egypt 2022,” which includes the most valuable and profitable players in the country. CIB ranked #1 with total assets of USD 26.8 billion in 2021.
The aggregate market value of the top 50 stands at USD 28.5 billion, while the value of assets exceeds USD 142 billion. The companies generated USD 39.1 billion in aggregate revenues and USD 5.4 billion in net income.
By the end of December 2021, the assets of CIB reached around EGP 498.2 billion, equivalent to USD 26.8 billion (USD 1= EGP 18.59), an increase of 16.45% over 2020. The Bank also achieved a net profit of EGP 13.26 billion, equivalent to USD 713.9 million, which is equal to a 29.6% increase in 2020 profits. CIB has also achieved a return in loans, and similar revenue, equal to EGP 45.07 billion during 2021, which is equivalent to USD 2.4 billion.
“CIB is thrilled to top Forbes' ‘Top Listed Companies in Egypt 2022’,” said Hussein Abaza, CIB’s Chief Executive Officer and Board Member, “CIB always strives to boost and develop the national economy. It will continue to pursue a bright future for all economic sectors. Additionally, the Egyptian banking sector is considered to be one of the most important main sectors supporting the objectives of economic development.”
“CIB has managed to achieve considerable growth rates during the first quarter of 2022, compared to 2021. The Bank’s total assets increased from EGP 498.2 billion at the end of December to EGP 524.8 billion at the end of March 2022, and our net profit increased to EGP 4.25 billion during the first quarter of 2022, compared to EGP 2.8 billion during the first quarter of 2021. The return on loans and revenue increased to EGP 12 billion, compared to EGP 10.1 billion during the first quarter of 2021,” Mr. Abaza added.
The banking and financial service sector dominated the list with 16 companies, followed by the real estate industry with 8 companies, and industry with 7 companies. Forbes’ list was compiled using data from the Egyptian Exchange, ranking firms based on market value, sales, assets, and profits for the fiscal year 2021. Companies that did not disclose the consolidated and audited financial statements for the fiscal year 2021 were excluded.