CI Capital Holding reports highest-ever revenues and net profits of EGP 3.9 billion and EGP 796 million respectively in FY22. Total on balance sheet lending portfolio reaches a record EGP 18.5 billion

March 12, 2023

CI Capital (CICH.CA), the leading diversified financial services group, announced today its financial results for FY22, with revenues reaching EGP 3.9bn (up 9% on a non-adjusted basis y-o-y; 37% y-o-y after normalizing for one-offs in 2021), while net profit after tax and minority interest reached EGP 796mn (17% y-o-y increase), the highest in the Group’s history. The Group’s total on balance sheet lending portfolio also reached a record high of EGP 18.5bn, which corresponds to 67% growth y-o-y.

“CI Capital ended a challenging year with a solid set of financial results across all lines of business,” said CI Capital’s Group CEO, Hesham Gohar. “In addition to achieving growth across all subsidiaries within the Group’s market leading NBFS platform, the Investment Bank at CI Capital’s also delivered record growth across its lines of business, despite multifaceted challenges. “The Group continues to outperform its target for sustainable return of average equity of 20%+, registering an industry leading 21.6% in 2022. CI Capital’s cost-to-income remains within management’s target of ±40%, thanks to efficient resource optimization and prudent balance sheet management,” added Gohar.

On the NBFS front, the Group’s leasing arm, Corplease, maintained its leadership position in the Egyptian leasing market with a market share of new bookings reaching 18.3%, driven by a record high new lease booking of EGP 7.2bn in 2022, an increase of 25% y-o-y. The Company’s total outstanding portfolio grew by 70% in FY22 to reach EGP 14.8bn. Net profit after tax registered EGP 515mn in FY22, a 19% y-o-y increase.

Reefy Microfinance Enterprise Services continued to deliver outstanding results on all fronts, with EGP 3.3bn in new loan disbursements in FY22, an increase of 41% y-o-y. The strong operational performance translated into impressive growth in bottom line, achieving 66% y-o-y growth to reach EGP 333mn in FY22, versus EGP 200mn in the prior year. Total outstanding loans reached EGP 2.5bn in FY22, registered 48% y-o-y growth. The Company also increased its client base to reach c.164,000 clients, in addition to successfully expanding its branch network by 27 new branches to reach a total 132 branches across 20 governorates.

CI Capital’s mortgage arm, CI Mortgage Finance, delivered resilient growth across multiple fronts, achieving a 98% increase in its loan portfolio to reach EGP 677mn in 2022, compared to EGP 342mn in 2021. Total loan disbursements amounted to EGP 550mn in 2022, up 110% y-o-y, while net profit grew 10x y-o-y to reach EGP  15.4mn.

Securities Brokerage continued to expand its market share which reached 13.8% in FY22, registering total revenues of EGP 334mn, a growth of 35% % y-o-y, buoyed by a surge in equity commissions and margin lending, in addition to commissions from its fixed income brokerage business.

CI Capital Asset Management reported solid results in FY22, while continuing its trajectory of outperformance vis-à-vis the market and peers, achieving the top rank in most of its fund classes. CIAM ended the year as one of the largest and best performing asset managers in Egypt and the region, with total AUMs reaching a record high of EGP 53.5bn (up 254% y-o-y), and a market share of mutual funds hitting 32.3%, up from 6.8% in the prior year.

The Investment Banking advisory business had another solid year having advised on multiple high-profile transactions across the ECM, DCM, and M&A space. The Group’s advisory arm successfully concluded 8 transactions in 2022 with an aggregate deal size of EGP 15bn and EGP 85mn in revenues.

“With a larger workforce of Egypt’s top financial services professionals, an expanded service offering, and transformational strategy leading the Group into its next chapter of growth, CI Capital is well-positioned to take on new challenges, expand regionally and further solidify its leadership position as Egypt’s leading diversified financial services group, with the support of its principal shareholder, Banque Misr” Gohar concluded.