Connect with us

Hi, what are you looking for?

Business

CIB’s volume of household financing portfolio reaches $2.55bn

Household financing

Egypt’s Commercial International Bank (CIB) volume of household financing portfolio reached EGP 40 billion ($2.55 billion), Ahmed Issa, CEO of CIB’s retail banking sector told Amwal Alghad.

Issa said that EGP 2 billion of which are allocated to the mortgage.

Compared to the size of the real estate sector, which is witnessing a major urban boom in the current period, the bank’s mortgage portfolio is limited, Issa said.

Household financing portfolio

FMT Steel Company is currently negotiating with CIB and Qatar National Bank Alahli (QNB Al Ahli) (QNBA) to borrow a sum of EGP 20 million, the company’s Managing Director Ahmed Hosney said.

The listed bank achieved a consolidated net profit before minority interest of EGP 6.090 billion in H1 2021.

CIB provides banking services across the country through more than 200 branches and units.

The bank’s segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.

CIB rating

Earlier this month, global rating agency Fitch revised Commercial International Bank (Egypt) S.A.E.’s (CIB) Outlook to Stable from Negative while affirming the bank’s Long-Term Issuer Default Rating (IDR) at ‘B+’ and Viability Rating (VR) at ‘b+’.

The agency said it believes that pressures on the domestic operating environment have eased since end-3Q20, moderating downside risks to Egyptian banks’ credit profiles.

This reflects improving foreign-currency (FC) liquidity, with the banking sector’s net foreign assets (NFAs) reaching $3.5 billion at end-April 2021, a reversal of a net foreign liability position of $5.3 billion at end-April 2020, Fitch said.

The agency referred this improvement to a strong increase in foreign holdings of Egyptian treasuries to $29 billion at end-May 2021 from $10 billion at end-June 2020, sovereign Eurobond issuance and resilient remittances.

Fitch expects real GDP growth to accelerate to 6% in 2022 (3% in 2021), in line with pre-pandemic levels. The sector’s average loan growth was 6% in 1Q21, which we expect to accelerate to low double digits for 2021.

Business

The Iraqi Ministry of Oil has signed an agreement with the US-based Baker Hughes company to invest in associated gas in the fields of...

special

The gas exploration contract signed between Israel and the US-based Halliburton company in the Mediterranean raised Lebanon’s concerns about an encroachment on its areas....

News

The meeting of agriculture ministers of the Group of Twenty (G20), the world’s leading economies, has called for more efforts to combat hunger and...

Tourism

Qatar Airways has joined the International Civil Aviation Organization (ICAO), to be the first in the Middle East to join the alliance. The airline...