June 8, 2021

Banque Misr named fastest-growing, CIB most efficient in 2021

ArabFinance: Banque Misr maintained its lead in the Business News Index of the fastest growing banks in 2021, for the second year in a row, Business News said in its 11th annual index measuring banking performance in Egypt.

The Commercial International Bank – Egypt (CIB) has been awarded as the Bank of the Year in Egypt for 2021 for the second consecutive year.

The Business News Composite Index that awards the Bank of the Year is the outcome of four main indicators of different weights to measure the performance of banks in 18 sub-indices.

These indicators include the Business News Index of the fastest growing banks, the Business News index of the most efficient banks, the Business News Technology Index, and the Business News Index of social responsibility.

CIB also topped the Business News Index of the most efficient banks, after it ranked first in the sector in terms of a net return margin (NIM), achieving 6.7%.

It was also the best performer in terms of operating costs, compared to income at a rate of 20.4%, ranking second in the most important sub-indices, with a Tier-1 capital adequacy ratio at 28%.

As regards the technology index, CIB came in second place, and was the third largest bank in the banking sector in terms of spending on technology out of total investment spending CAPEX at a rate of 53%.

CIB ranked first in the digital services sub-index with Banque Misr.

Furthermore, Faisal Islamic Bank topped the Business News sub-index for the adequacy ratio of tier-1 capital in relation to risk-weighted assets by 29.7%.

Meanwhile, Al Baraka Bank ranked first on the sub-index for return on average equity (ROAE), at a rate of 27.42%.

The National Bank of Egypt (NBE) topped the Business News Technology Index, which is the third main Business News index that makes up the Bank of the Year index after growth and efficiency.

The bank also came second on the digital services sub-index after CIB and Banque Misr, which shared the top spot in this index.


Categories : banking

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