Commercial International Bank (CIB) reported consolidated net profit of EGP 17.8bn for the first quarter (Q1) of 2026, equivalent to EGP 4.65 per share, marking a 7% increase compared with the same period last year.
The bank said it delivered resilient financial results despite an increasingly uncertain global environment during the quarter.
CIB noted that escalating regional tensions linked to the prolonged US-Iran conflict fuelled renewed global inflationary pressures, prompting central banks worldwide to pause monetary easing plans. The impact extended to Egypt, where the Central Bank of Egypt (CBE) suspended the anticipated cycle of policy rate cuts initiated last year, prioritising inflation control.
Meanwhile, the Egyptian pound depreciated by EGP 6.9 against the US dollar during the quarter, partly reflecting broader dollar strength against major currencies. CIB described the movement as evidence of the flexibility and shock-absorbing capacity of Egypt’s current exchange rate regime.
Amid these developments, S&P Global Ratings maintained Egypt’s sovereign credit rating at “B” with a stable outlook.
Against this backdrop, CIB recorded strong growth in both revenue and profitability. Consolidated revenue rose 15% year-on-year to EGP 31.2bn, while net profit increased 7% to EGP 17.8bn.
The performance was supported by robust balance sheet expansion in both local and foreign currencies, while net interest margin remained resilient at 8.88%, declining only 24 basis points year-on-year despite cumulative local policy rate cuts of 825 basis points over the period.
CIB attributed this resilience partly to its funding structure, particularly the continued growth in low-cost current and savings accounts (CASA), which increased to 62% of total deposits from 56% a year earlier.
The bank also maintained strong profitability and capital metrics, recording a return on average equity (ROAE) of 31.9%, a capital adequacy ratio (CAR) of 26.9%, and a common equity tier 1 (CET1) ratio of 22.5%.
Balance sheet growth remained solid across key business segments.
In local currency terms, deposits increased by 5%, or EGP 33bn, from year-end 2025 levels, while local currency loans, including securitisation deals, rose by 7%, or EGP 32bn. This pushed the local currency loan-to-deposit ratio to a record 72%.
Foreign currency deposits rose by 2%, or USD 172m, while foreign currency loans grew at a faster pace of 8%, or USD 228m, lifting the foreign currency loan-to-deposit ratio to 34% from 32% at the end of 2025.
CIB said the growth aligned with management’s strategy to expand profitable foreign currency lending opportunities.
Loan growth during the quarter was primarily driven by institutional banking, where loans expanded by 8%, or EGP 41bn in real terms after excluding the impact of currency devaluation. The increase included EGP 27bn in capital expenditure financing.
Commenting on the outlook, management said the bank would continue prioritising balance sheet resilience and operational efficiency amid ongoing geopolitical and macroeconomic uncertainty.
“Management focus over the coming period will be directed more than ever towards healthy and sustainable balance sheet growth and shareholder return maximisation,” the bank said.
CIB added that it would continue focusing on sustainable commercial growth, stable liquidity sources, and adapting to a changing competitive landscape shaped by tighter liquidity conditions and the growing role of alternative investment products such as money market funds.
The bank said it remained confident in its ability to adapt to evolving market conditions while maintaining a long-term focus on sustainable profitability.
