CIB – 2016 RESULTS COMMENTARY
​CIB exceeded our expectations of reporting a bottom line of EGP 5.6bn during 2016, with the bank’s reported net profit reached another record of EGP 6.01bn, registers an annual increase of 27%. The difference came mainly as a result of keeping provisions far less than our estimates. As CIB recorded provisions of EGP 893mn, 47% less than EGP 1,682mn that was recorded in 2015. While we were assuming provisions to soar in 4Q2016, on the back of Floatation, to end the year with provisions of EGP 1.6bn.
Since its founding in 1992 as a privatization consulting office to the government of Egypt, Prime has successfully reinvented itself as a regional investment bank with a presence in major Arab markets. We provide innovative and outstanding financial services to corporations, institutions, governments, and individuals, using the breadth of our expertise to enable them to reach their objectives.
Over the years, we have refocused our business and our people while extending our geographical reach and strengthening our technological capabilities.
Today, Prime is:
- A competitive leader in the region
- Focused on both clients and products
- Led by pioneers who see change as an opportunity that constructively challenges the status quo
- Driven by a fearless and unconditional commitment to delivery and performance
- Supported by a culture that emphasizes teamwork and a sense of urgency
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