Best bank: Commercial International Bank
Commercial International Bank (CIB) has maintained its position as the bank to beat in Egypt during the review period.
The bank’s retail strategy has been dual-pronged under CEO Hussein Abaza, focusing on the retail and small and medium-sized enterprise sectors as the country pushes financial inclusion and the opportunity posed by non-resident Egyptians (NREs).
AfE 2024
Profit before tax was E£4.17 billion ($87 million) last year, a 74% increase on 2022.
For the domestic retail and SME segment, the bank has worked to leverage its large base of non-borrowing SME customers by cross-selling different lending programmes and leveraging strong referrals.
The bank’s business-banking division has grown its assets book in the past five years by an average of 56%, to reach E£8.6 billion in 2023.
The Egyptian lender has also built up its cash and trade-management business, growing the client base by 8% year on year to more than 83,000 companies in the review period.
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