November 28, 2021

Dubai Week

Complete Dubai News World

These factors led to a concentration of profits in 2021

These factors led to a concentration of profits in 2021

Mahmoud Attalla, chairman of CI Capital’s board of directors, said the company’s business decisions have begun to benefit from the diversification of operations, including regular investment banks’ operations and non-bank financial operations.

Atala added in an interview with Al-Arabiya that the third quarter of 2021 saw a record increase in the company’s results for the current year, with a 72-point increase, recording the highest quarterly revenue in its history at 2.7 billion. %

The company’s profit for the third quarter of this year was 41 412 million, up 44% year-on-year. The company said in a statement that it had recorded the highest quarterly results in its history since its inception.

He pointed out that in addition to being the foremost “Refi” in the microfinance industry, it also provides non-banking operations through Korplace for financial leasing, one of the largest financial leasing companies in Egypt.

He said Riffy had recorded a historic leap in the current year based on the number of branches, their distribution and recorded revenues and profits.

Atala continued, “The current year is a record year for investment banking operations and CI Capital is strong in terms of new acquisitions and offers.”

In addition to launching the company “Taleem” this year, he pointed out the combined factors that led to the accumulation of profits this year, such as the company’s role as the sole financial advisor to Blom Bank. Created an investment flow to “CI Capital” and contributed to an educational platform in Egypt.

Atala said CI Capital participated in the presentation of e-Finance in the current year, which is the largest in the history of the Egyptian stock market and a successful choice by the Egyptian government to provide a company with this performance.

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He stressed that the company is focused on Egypt and investing in Egypt: “Our direction is clear and our focus is on the activities of the company.”

Commenting on the impact of Banque Misr on CI Capital, Atallah said, “Banque of Misr is one of the two largest banks in the country and its presence as a major shareholder holding 90% of the shares has many advantages. Future presence in the region.”

He pointed out that strengthening CI Capital’s strategy and achieving the required coordination for Bank Egypt in certain activities with significant positive growth prospects.

In the company statement; At the level of non-banking operations under the financial lease, it reported a net profit after tax of 57 57 million.

He said Corbilis had completed new deals worth 1. 1.2 billion and the existing lease portfolio was worth 9. 9.8 billion.

In the case of microfinance, the net profit after tax from microfinance transactions was 53 53 million, up 72% from the previous year.

At the end of this period, microfinance loans totaled 1.5 1.5 billion, up 67% from the previous year. The total number of branches reached 51 at the end of the period as 14 new branches were opened from the third quarter of the previous year.

The size of the portfolio of real estate financing activities reached 19 191 million at the end of the period, compared to 15 156 million in the third quarter of 2020.

In terms of consumer funds, the group’s consumer finance operations division, Eisel Portfolio, had a volume of EGP 104 million at the end of the period.

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As for investment banking operations, the assets under management were 12. 12.9 billion, up 34% from the previous year.