GulfBase Live Support
Leave a message and our representative will contact you soon
21/08/2014 18:09 AST
Capital Intelligence (CI) has announced that Commercial International Bank (CIB)'s Financial Strength Rating (FSR) is maintained at 'BBB-', notwithstanding ongoing economic pressures and the high sovereign risk related to a balance of payments and/or currency crisis.
“The FSR is supported by CIB's still sound loan asset quality (despite signs of stress), strong and rising profitability at both operating and net levels, high liquidity and good capital adequacy. Although Egypt's operating environment remains challenging, CIB has maintained sound risk metrics thanks to adept balance sheet management and its capacity to absorb unexpected losses has increased. Accordingly, the Outlook for the FSR is revised to 'Stable' from 'Negative'. The Bank's Long and Short-Term Foreign Currency Ratings (FCR) are maintained at 'B-' and 'B', respectively, constrained by Egypt's Sovereign FCR ('B-'/'B'/'Stable'). The FCR denote significant credit risk, as the Bank's capacity for timely fulfillment of financial obligations is vulnerable to adverse changes in the operating environment and economy. The Support Level of '3' (affirmed) reflects a high likelihood of support from the Central Bank of Egypt (CBE) in case of need.
“Economic and political risk factors in Egypt continue to weigh negatively on the operating environment and all Egyptian banks as a group. Although the political climate appears to be stabilising and the violent unrest has somewhat abated following the recent presidential election, the sovereign risk related to a balance of payments and/or currency crisis remains high. The operating environment is expected to remain difficult and credit risks significant notwithstanding the financial support received from Gulf Cooperation Council (GCC) countries. That said, the government's recent announcement of much-needed economic reform is a step in the right direction following years of inaction.
“CIB's demonstrated track record and effective risk management bode well in the face of a difficult economic and credit environment. The Bank has a commanding position in the Egyptian market as one of the largest and most successful private sector banks. Its corporate banking business is well entrenched, while its growing consumer banking operation has brought diversification to risk assets and earnings. Notwithstanding the strength bestowed by the business franchise CIB's sound credit metrics remain vulnerable in the context of heightened credit risk, particularly in the corporate sector. Non-performing loans (NPLs) rose further in 2013, albeit at a reduced pace compared with a year earlier, and renegotiated loans remained elevated. These trends point to ongoing stress in the credit portfolio and the strong likelihood that impaired loans may rise further over the near term. The NPL ratio however remains at an acceptable level while loan-loss reserves continued to yield more than full coverage of NPLs. Moreover, the Bank's risk absorption capacity has strengthened markedly in recent years and could withstand higher risk charges if necessary.
For more on this Click Here
CPI Financial
15/02/2016
Egypt's largest listed lender Commercial International Bank accepted billionaire Naguib Sawiris's bid to buy its investment arm CI Capital, market sources said. The sources said the deal would sol
Trade Arabia
18/05/2015
Emerging and frontier markets investment bank Renaissance Capital (RenCap) believes Egypt’s Commercial International Bank (CIB)is at the start of a significant, multi-year earnings growth cycle.
CPI Financial
05/02/2011
Capital Intelligence (CI), the international credit rating agency, has today downgraded Commercial International Bank (CIB)'s Long-Term and Short Term Foreign Currency Ratings to 'BB+' and 'B', respe
AME Info
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
SAMBA | 26.98 | 1,138,683 |
STC | 83.41 | 257,644 |
DARALARKAN | 13.47 | 74,648,349 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News