CI Capital Holding Posts its 1H24 Results, with Strong Revenues and Profits Reaching c.EGP 5bn & c.EGP 1.3bn, Respectively

• Revenues increased 61% Y-o-Y, to reach c.EGP 5bn
• Net profit after tax & minority reached c.EGP 1.3bn, a 146% Y-o-Y increase
• The Group’s on-balance sheet financing portfolio recorded EGP 20.5bn
• Maintaining industry-leading RoE and profitability ratios

CI Capital (CICH.CA), Egypt’s leading diversified financial services group, announced today its financial results for 1H24, boasting a solid 61% y-o-y increase in revenues, to reach c.EGP 5bn, while simultaneously enhancing operational efficiency and return metrics. Net profit after tax & minority interest increased nearly 2.5x fold, to c.EGP 1.3bn, representing an ROE of 27.3%. Additionally, despite sector headwinds, the Group was able to successfully grow its on-balance sheet financing portfolio to EGP 20.5bn, achieving scale while maintaining the quality and diversity of its NBFS loan book, which includes leasing, microfinance, and mortgage finance activities.

“CI Capital continues to sustain its position as Egypt’s leading diversified financial services group, delivering a solid set of operational and financial results across all business lines. With strong top-line growth and expanding margins in 1H24, the company continues to outperform its peers,” stated Mahmoud Attalla, CI Capital’s Group Executive Vice Chairman and MD.

“The Group successfully delivered outstanding operational and financial results in 1H24, despite an abundance of challenges that have swept the NBFS landscape during Q2 2024, particularly in a relatively condensed fiscal quarter, with a large volume of public holidays. While sector-wide developments were characterized by sluggish portfolio growth and general NIM compression, CI Capital’s approach was grounded in aggressive business development, hand-in-hand with disciplined lending and industry-leading efficiency, allowing us to sustain our growth across the platform. Through prudent management and an ingrained performance culture, CI Capital continues to cement its leadership position in the Egyptian market across its lines of business. With a full array of diversified financial services, we continue to fulfill our commitment towards clients, offering comprehensive and innovative financial solutions, placing us at the forefront of the industry,” said CI Capital’s Group CEO, Hesham Gohar.

Corplease, the Group’s leasing arm, ended 1H24 with a total outstanding portfolio of EGP 14.9bn. Revenues increased 48% y-o-y to reach EGP 2.6bn, while net profit after tax recorded EGP 829mn in 1H24, a significant y-o-y increase of 183%.
Reefy Microfinance Enterprise Services showcased its resilience in terms of operational and financial performance, achieving net profit after tax of EGP 189mn and an outstanding loan portfolio of EGP 3.4bn, in 1H24. Reefy serves 155k clients through its network of 162 branches, located in 21 governorates.

CI Mortgage Finance concluded 1H24 with a 61% y-o-y increase in its portfolio, recording c.EGP 1.3bn in outstanding loans, while extending EGP 308mn in new loans during the first half of 2024. Revenues increased by 155% y-o-y to reach EGP 224mn, while net profit after tax reached EGP 24mn, a 130% y-o-y increase.

CI Capital’s Investment Bank similarly posted a robust set of results, with revenues up 94% y-o-y, reaching EGP 891mn during 1H24. CI Capital Brokerage’s total revenues grew 132% y-o-y to reach EGP 681mn; CI Capital Asset Management reported a 51% y-o-y increase in revenues to reach EGP 159mn, with total assets under management growing by 20% y-o-y to reach EGP 66.9bn; and the investment banking division successfully executed eight transactions with an aggregate value of EGP 14.8bn.

“CI Capital has proven time and time again its ability to maintain robust and consistent performance across market cycles. We strive to deliver excellence across all lines of business, while working toward our regional expansion initiatives, as we leverage our execution capabilities, deal credentials, and global client network,” concluded Gohar.