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The Bank to Trust Contents THE BANK TO TRUST CONTENTS NAVIGATING 01 02 03 UNCHARTED WATERS CIB Introduction Strategic Direction Our Businesses 06 At a Glance 40 Strategy 70 Institutional Banking 2020 was an unprecedented year not only for CIB, but the world over. 08 Key Financial Highlights 44 Value Creation Model 78 Retail Banking From lockdowns to dwindling investor sentiment, regulatory shifts 10 Leadership 48 A Note From Our 84 Digital Banking to economic disruptions, CIB has had to call on decades of stalwart 22 What We Do Non-Executive Chairman leadership and the resilience of its strategy to navigate headwinds and 26 CIB’s Stock 50 A Note From Our CEO emerge as a stronger institution. 28 Our History and Timeline 54 BOD’s Report 34 Awards 04 05 06 Support Functions Our Controls Responsible Banking 98 Operations and IT 114 Risk Group 126 Environmental Sustainability 102 Human Resources 118 Compliance Group 130 Social Development 106 Marketing and Corporate 122 Internal Audit 142 Corporate Governance Communications 07 08 Subsidiaries and Associates 156 Financial Statements 152 CVentures 152 Mayfair CIB Bank Limited 152 Falcon Group 154 Fawry Plus 155 Al Ahly Computer Equipment 155 Damietta Shipping and Marine Services 2020 Annual Report | 3 01 01 01 01 CIB is dedicated to CREATING CIB OUTSTANDING Introduction STAKEHOLDER VALUE and providing superior customer service solutions. #1 Bank by market cap on the EGX 4 | Annual Report 2020 2020 Annual Report | 5 CIB Introduction At a Glance KEY FACTS workforce comprising 7,071 employees, CIB provides tailored, client-centric services to clients in the corporate, commercial, retail, wealth, and small and medium enterprise (SME) spheres, while working to deliver the most streamlined, efficient banking service offering in the Egyptian market. CIB also CIB is Egypt’s leading operates two representative offices, one in Dubai and private-sector bank, offering the other in Addis Ababa, as channels driving busi- ness through these key markets while capitalizing on a full range of financial the synergies inherent in the Bank’s business model products and services to as a means of driving value for clients. The Bank has 208 +1.5 7,071 enterprises of all sizes, four strategic subsidiaries and affiliates, CVentures, Mayfair CIB Limited, Falcon Group and Fawry Plus, institutions, households, in which CIB’s shares are 99.99%, 51%, 30%, and Branches Million Clients Employees and individuals. 23.5%. In addition to CIB’s strategic subsidiaries and affiliates, the Bank has direct ownership in Damietta Shipping Marine Services (DSMS) and Al Ahly Computer Equipment Company (ACE) in which it owns 49.95%, and 39.34% respectively. For several years, CIB has also enjoyed the titles CIB is Egypt’s leading private-sector bank. It is an of most profitable bank operating in Egypt and award-winning institution dedicated to creating the bank of choice for over 500 of Egypt’s largest outstanding stakeholder value and providing supe- corporations. It has been awarded numerous acco- rior customer service solutions to a broad range lades from prestigious bodies throughout the year, of clients. The Bank furnishes clients with innova- including the World’s Best Emerging Markets Bank tive solutions that satisfy their banking needs and by Global Finance in 2020. facilitate their financial lives. Its dynamic business model and commitment to fully integrating supe- EGP/MN EGP/BN rior technology into its products and services allow it to maintain its market leadership and offer staff an engaging work environment, while generating mounting value. The Bank serves an expansive 87,464 25.8 1,121 network of retail customers, high-net-worth (HNW) individuals, and enterprises and institutions that Market Cap* Revenues ATMs drive the Egyptian economy. With a well-established network of 208 branches and banking units and a *31st of Dec 2020. 6 | Annual Report 2020 2020 Annual Report | 7 CIB Introduction Key Financial Highlights FY20 FY19 FY18 FY17 FY16 FY20 FY19 FY18 FY17 FY16 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13 FY12 FY11 Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Consolidated Financial Measures Common Share Information Per Share Cost : Income 20.71% 21.59% 20.33% 20.79% 21.36% 20.47% 21.58% 20.35% 20.38% 21.26% 19.69% 22.91% 22.89% 28.01% 35.26% Earning Per Share (EPS)1 6.21 7.33 7.26 5.76 4.56 3.58 3.55 2.67 2.42 2.43 Return on Average 19.20% 29.49% 33.14% 32.45% 34.24% 19.35% 29.55% 33.13% 32.71% 34.03% 32.80% 30.25% 24.77% 24.18% 22.23% Dividends (DPS) 2 0.00 1.25 1.00 1.00 0.50 0.75 1.20 1.00 1.25 1.00 Common Equity (ROAE)***** Book Value Net Interest Margin (NII/ (BV/No of Share) 40.20 35.26 29.26 24.43 18.44 14.39 16.31 13.46 18.94 15.03 average interest earning 6.75% 6.48% 6.43% 4.97% 5.47% 5.74% 5.41% 5.36% 4.74% 3.71% Share Price (EGP) 3 assets) Return on Average Assets 2.53% 3.26% 3.03% 2.69% 2.71% 2.55% 3.26% 3.02% 2.72% 2.70% 2.90% 2.87% 2.54% 2.47% 2.20% High 59.5 83.5 96.5 88.8 73.6 47.4 51.3 45.4 39.8 47.4 (ROAA) Regular Workforce 7,071 6,900 6,759 6,551 6,422 5,983 5,403 5,193 4,867 4,517 Low 59.0 82.7 67.0 71.1 30.8 28.9 32.6 27.4 21.1 18.5 Headcount Closing 59.2 83.0 74.1 77.4 76.4 38.1 49.2 32.6 34.6 18.7 Balance Sheet and Off Balance Sheet Information (EGP millions) Shares Outstanding 1478 1469 1167 1162 1154 1147 908 900 597 594 Sheet Information (millions) (EGP millions) Market Capitalization 87,464 121,963 86,439 89,865 88,155 43,692 44,673 29,330 20,646 11,098 Cash Resources and (EGP millions) Securities 131,858 63,270 69,068 63,684 77,523 131,708 63,226 69,030 63,673 73,035 34,097 19,430 16,646 16,764 19,821 (Non. Governmental) Value Measures Net Loans and Acceptances 120,347 119,946 106,377 88,428 85,384 119,632 119,946 106,377 88,428 86,152 57,211 49,398 41,970 41,877 41,065 Price to Earnings Multiple 9.5 11.3 10.2 13.4 16.8 10.6 13.9 12.2 14.3 7.7 (P/E) Assets 427,842 386,742 342,461 294,782 267,544 426,145 386,697 342,423 294,771 263,852 179,193 143,647 113,752 94,405 85,628 Dividend Yield (based on 0.0% 1.51% 1.35% 1.29% 0.65% 1.97% 2.44% 3.07% 3.62% 5.35% closing share price) Deposits 341,169 304,448 285,297 250,723 231,741 340,087 304,484 285,340 250,767 231,965 155,370 122,245 96,940 78,835 71,574 Dividend Payout Ratio 0.0% 15.6% 15.3% 15.4% 9.7% 18.5% 29.9% 34.4% 33.9% 33.9% Common Shareholders Equity 59,476 51,880 34,228 28,439 21,374 59,405 51,800 34,147 28,384 21,276 16,512 14,816 12,115 11,311 8,921 Market Value to Book 1.47 2.35 2.53 3.17 4.14 2.65 3.02 2.42 1.83 1.24 Value Ratio Average Assets 407,292 364,602 318,622 281,163 223,522 406,421 364,560 318,597 279,312 221,523 161,420 128,700 104,079 90,017 80,361 Average Interest Financial Results (EGP millions) Earning Assets 363,922 328,296 290,869 257,931 203,053 362,981 328,296 290,869 258,315 203,625 145,835 117,133 94,605 79,834 70,549 Average Common 55,678 43,054 31,334 24,907 18,955 55,602 42,973 31,265 24,830 18,894 15,664 13,465 11,713 10,116 8,765 Net Operating Income 4 25,881 23,019 20,379 14,890 11,315 25,839 23,018 20,351 15,192 11,370 10,165 7,717 6,206 5,108 3,837 Shareholders Equity Provision for Credit Losses Balance Sheet Quality Measures - Specific 5,019 1,435 3,076 1,742 893 4,989 1,435 3,076 1,742 893 1,682 589 916 610 321 Provision for Credit Losses Equity to Risk-Weighted 28.97% 24.32% 16.93% 15.59% 13.34% 28.94% 24.28% 16.89% 15.56% 13.28% 15.74% 15.84% 15.50% 15.69% 14.49% - General Assets 5 Risk-Weighted Assets Total Provisions 5,019 1,435 3,076 1,742 893 4,989 1,435 3,076 1,742 893 1,682 589 916 610 321 (EGP billions) 201 199 186 169 150 201 199 186 169 150 96 84 70 65 55 Non Interest Expense 5,626 5,049 4,224 3,119 2,433 5,553 5,045 4,223 3,119 2,433 2,028 1,705 1,450 1,445 1,337 Tier 1 Capital Ratio 6 28.09% 23.59% 16.16% 14.93% 12.90% 28.09% 23.59% 16.16% 14.93% 12.90% 15.01% 15.70% 15.23% 14.33% 14.15% Adjusted Capital Adequacy Net Profits 10,238 11,801 9,582 7,516 6,009 10,300 11,804 9,556 7,550 5,951 4,641 3,648 2,615 2,203 1,749 Ratio 7 31.41% 26.07% 19.09% 18.03% 13.97% 31.41% 26.07% 19.09% 18.03% 13.97% 16.06% 16.77% 16.32% 15.71% 15.40% 1 Based on net profit available for distribution (after deducting staff profit share and board bonus) and unadjusted to stock dividends 5 Total Equity after Profit Appropriation 2 2018 DPS after taking into account the share distributions of one share for every four shares 6 Including CBE Deposit Auctions 3 Unadjusted to stock dividends 7 After Profit Appropriation.
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