Business News announced the results of its seventh edition of the Bank Performance Indicators in Egypt in 2017. The Commercial International Bank (CIB) received the Bank of the Year award, following a year of strong and balanced performance.
The unfavorable economic conditions did not prevent the bank from growing and enhancing the profitability of its shareholders while maintaining safe operating standards, including strong capital adequacy of risk-weighted assets and maintaining operating costs at one of the lowest rates in the banking sector.
The bank has a first tranche of the underlying capital covering 12.9% of its risk-weighted assets, despite the growth of its financial position by 49% from last year. The performance of the bank in terms of the customer satisfaction index was strong, ranking second, with a slight gap from the National Bank of Egypt (NBE). The bank received a high positive rating from the 385 companies that participated in the assessment of banks this year.
The main indicator of Business News for Bank of the Year consists of four indexes across 17 sections. The four main indexes are the most efficient bank, which gets a high relative weight among the other indicators; the fastest growing index; the customer satisfaction index; and the community social responsibility (CSR) index.
Ahli United Bank topped the index for the most efficient bank in the market. In second place came Barclays Bank, which recorded the highest net profit to revenue, followed by Al Ahli Bank of Kuwait, which benefited from the profit boom following the flotation of the pound.
NBE maintained its top ranking for the customer satisfaction index for the fourth time in a row, thanks to its geographical spread. CIB came second on this index, beating Blom, which came third, and Audi in fourth.
The Egyptian Gulf Bank maintained its lead for the fastest growing Business News Index, having doubled its assets for the second year in a row and significantly increased its market share. Societe Arabe Internationale De Banque (SAIB) came second in terms of fastest growing bank in Egypt, having increased its assets by 58%, which reflected on profits that jumped by 167%