CIB’s 2025: big profits, strong capital, and real loan growth
Commercial International Bank (EGX: COMI) has delivered a standout 2025. Consolidated net income hit EGP 82.2 billion, up 49% year-on-year, on revenue of EGP 117 billion, up 19%. Fourth quarter net income was EGP 20.1 billion, up 57% year-on-year, with revenue of EGP 33.7 billion, up 25%.
Why it matters: these are not just paper gains. CIB grew loans by 44%, maintained best-in-class asset quality, and still posted a net interest margin (NIM) of 8.95% despite a 725bp cut in local policy rates through the year. Capital and liquidity are comfortably above regulatory minimums, and management is proposing a cash dividend equal to 25% of 2025 net profit.
Source: the company’s full RNS.
Headline results investors should know
| Metric | FY 2025 | FY 2024 | YoY change |
|---|---|---|---|
| Consolidated revenue | EGP 117.4 billion | EGP 99.0 billion | +19% |
| Consolidated net income | EGP 82.2 billion | EGP 55.3 billion | +49% |
| Earnings per share | EGP 18.2 | Not disclosed | — |
| ROAE (return on average equity) | 48.3% | 49.5% | -1.2 pp |
| ROAA (return on average assets) | 6.29% | 5.44% | +0.85 pp |
| NIM (net interest margin) | 8.95% | 9.48% | -0.53 pp |
| Efficiency ratio (cost-to-income) | 15.0% | 14.0% | +1.0 pp |
| Capital adequacy ratio | 27.3% | 24.1% | +3.2 pp |
| Gross loan book | EGP 576 billion | EGP 399 billion | +44% |
| Customer deposits | EGP 1.11 trillion | EGP 972.6 billion | +14% |
| NPL ratio | 1.67% | 3.30% | -1.63 pp |
Fourth quarter 2025 snapshot: revenue EGP 33.7 billion, net income EGP 20.1 billion, ROAE 36.7%, ROAA 5.76%, and an efficiency ratio of 15.2%.
Quality of earnings: what’s behind the surge
Two things drove the step-up. First, the core bank grew nicely. Standalone net interest income rose 18% year-on-year to EGP 107 billion, while non-interest income increased 12% to EGP 8.75 billion. CASA (current and savings) deposits rose to 61% of total, supporting margins.
Second, CIB booked an impairment release. Full-year impairment for credit losses recorded a release of EGP 8.92 billion, compared with a charge of EGP 4.47 billion in 2024. Management also highlighted a released provision amount from recalibrating the Expected Credit Loss (ECL) model. On a normalised basis excluding this, 2025 net income would be EGP 70.6 billion, up 28% year-on-year, with ROAE at 41.5%.
Important nuance: the released provision is not recognised in the capital base, the capital adequacy ratio, nor in net profit available for distribution, per Central Bank of Egypt instructions.
Loan growth, deposits, and spreads: the engine room
Loans grew by 44% (EGP 177 billion) to EGP 576 billion, or EGP 617 billion including securitisation deals. Local currency loans rose 56% (EGP 157 billion) and foreign currency loans rose 24% (USD 562 million). Corporate lending led the way, up 45%, with around 55% of that in capex lending. The bank says SME lending reached 26% of the corporate book.
Deposits advanced 14% to EGP 1.11 trillion. Local currency deposits added EGP 115 billion (+21%), and foreign currency deposits added USD 993 million (+12%). The loan-to-deposit ratio climbed to 52.1% from 41.3% last year, which is still prudent by regional standards and suggests headroom for further asset growth.
Margins remained resilient. Overall NIM was 8.95% (down 53bp year-on-year). Local currency NIM was 13.0% (down 10bp), while foreign currency NIM was 2.50% (down 85bp). Holding spreads in a year of 725bp policy rate cuts is impressive and underpinned by the stronger CASA mix.
Asset quality and provisions: conservative coverage
Asset quality looks robust. Non-performing loans came down to 1.67% of gross loans, with a hefty coverage ratio of 358%. Loan loss provisions stood at EGP 34.5 billion. The release in 2025 comes after a charge in 2024 and sits alongside improving headline NPL ratios, which reduces concerns about aggressive accounting.
Capital, liquidity, and dividend: balance sheet strength on show
Total tier capital reached EGP 221 billion, equal to 27.3% of risk-weighted assets. Tier I capital was EGP 186 billion (84% of total). Liquidity was more than ample: local currency liquidity ratio 54.7% (vs 20% required), foreign currency 51.3% (vs 25% required), NSFR 186% in both currencies, and LCR of 549% in local currency and 567% in foreign currency. Customer deposits made up 92% of total liabilities – a high-quality funding base.
Management is proposing a cash dividend representing a payout ratio of 25% of 2025 net profit and 30% of the distributable portion. While the headline profit is huge, remember parts tied to the ECL release are excluded from distributable profit under CBE rules.
Digital momentum and regional optionality
CIB’s digital channel usage continued to scale. The bank served more than 2.0 million online banking users by year-end, up 19%, with transaction value across digital channels up 60% to EGP 5.3 trillion. The bank onboarded over 393,000 new-to-bank customers in 2025, issued over 182,000 credit cards, and grew the credit card portfolio by 21%.
Strategically, CIB has applied for a digital bank licence and is assessing potential acquisitions. CIB Kenya delivered its first positive before-tax income since acquisition – helpful proof that the shared service model can translate beyond Egypt.
Quarter-on-quarter colour: a provision swing
Quarterly optics were mixed, largely due to provisions. Q4 2025 net income of EGP 20.2 billion was down 30% quarter-on-quarter, with total provisions at a modest EGP -329 million in Q4 versus a large release in Q3. Still, versus Q4 2024, revenue rose 25% and net profit rose 56% – strong underlying momentum.
Non-interest income jumped to EGP 4.70 billion in Q4, up 192% year-on-year and 215% quarter-on-quarter, offering some diversification beyond interest earnings.
Awards and franchise strength
CIB remains the #1 private-sector bank in Egypt by revenue, net income, deposits, loans, and total assets. It cleaned up on awards again, including Best Bank in Egypt from Euromoney and The Banker, alongside multiple sustainability and transaction banking accolades.
What’s positive, what to watch
Positives
- Exceptional profitability: net income up 49%, ROAE 48.3%.
- Healthy growth with discipline: loans up 44% and NPLs down to 1.67% with 358% coverage.
- Sticky funding: deposits up 14%, CASA mix at 61%, supporting margins.
- Fortress balance sheet: CAR 27.3%, strong LCR and NSFR in both currencies.
- Shareholder returns: proposed 25% payout and capacity for growth investments.
Watchpoints
- Margins eased: NIM fell 53bp; further rate cuts could keep pressure on spreads.
- Operating expenses rose 26% year-on-year; still low cost-to-income at 14.5%, but worth tracking.
- Earnings benefited from impairment releases and ECL model recalibration – the normalised profit (EGP 70.6 billion) is still strong, but lower than the headline.
- Loan-to-deposit ratio rose to 52.1%; still conservative, yet faster asset growth will need continued deposit inflows.
Bottom line: a high-quality beat with capacity to keep compounding
CIB’s 2025 print blends volume growth, resilient margins, excellent asset quality, and very strong capital and liquidity. Even on the bank’s normalised view excluding the ECL model recalibration, earnings growth is robust. With a proposed dividend, digital expansion plans, and optionality around acquisitions, the franchise looks positioned to keep compounding.
In short, a positive update with sensible caveats on margin trends and the contribution from provision releases. For long-term holders, this reads like a franchise growing into its strength.
