In 2006, CIB boosted assets by 24.5% to E£37.4bn ($6.8bn) and net profits by 31.5% to E£802m while reducing its cost-income ratio to a creditable 36.98%.
In more recent developments, the bank is doing due diligence over the possible acquisition of Cairo-based Arab African International Bank, which would further strengthen its role in the Egyptian market and in the region.
In 2006, CIB’s corporate banking group managed to expand its loan portfolio by 24.4% in a market that grew by only 5.5%. In retail, the bank opened 19 new branches, a record number of new facilities, and expanded the automated branches (My CIB) from seven at the start of 2006 to 26 in July 2007.
“We are honoured to be awarded Bank of the Year 2007 in Egypt by The Banker,” says chairman and managing director Hisham Ezz Al-Arab. “This achievement has been a result of keen focus on our customers. At CIB, we aim to preserve our mission statement: ‘To grow our status as the best financial services partner for our clients anywhere in the world, while creating outstanding value for both shareholders and people.’ Winning this award creates a challenging position to upgrade our benchmark and sustain our leadership position not only in Egypt, but also regionally.”
