CI Capital Holding Posts Record Quarterly Results with Revenues Reaching EGP 1.6bn in 1Q23

CI Capital (CICH.CA), the leading diversified financial services group, announced today its financial results for 1Q23, with revenues and net profits after minority interest more than doubling year-on-year, to reach a record EGP 1.6bn (a 117% y-o-y increase) and EGP 320mn (108% y-o-y increase) respectively. The Group’s total on-balance sheet financing portfolio also reached a new high of EGP 19.6bn, which corresponds to a 45% y-o-y growth.

“CI Capital posted yet another record quarter, kicking off the year with a solid set of financial results that reflect the resilience and flexibility of the Group’s business model in the face of market challenges. Yet again, CI Capital’s Investment Bank continued its growth trajectory across all verticals. Our NBFS, which maintained a prudent approach to the quality of its portfolio, recorded solid performance in terms of growing its on-balance financing portfolio, solid financial results, and leading market shares across leasing, factoring, microfinance, and mortgage,” Stated CI Capital’s Group CEO, Hesham Gohar.

The Group’s leasing arm Corplease, delivered solid profitability while growing its outstanding portfolio by 49% y-o-y to reach EGP 15.6bn by the end of 1Q23. Corplease recorded EGP 946mn in revenues, and net profit after tax of EGP 193mn, up 143% y-o-y and 76% y-o-y, respectively.

The Group’s microfinance arm, Reefy Microfinance Enterprise Services, continued its exceptional financial and operational results. Reefy’s outstanding portfolio reached its highest-ever level since inception with a total of EGP 2.7bn (up 48% y-o-y) and a net profit after tax reaching EGP 106mn, up 39% y-o-y. During 1Q23, Reefy extended EGP 1.1bn in new loans (up 36% y-o-y) while expanding its network by adding 12 new branches, reaching a total of 144 branches serving 166,000 customers across 20 governorates.

CI Mortgage Finance, the Group’s mortgage finance platform, maintained a solid course of growth, with its outstanding portfolio growing 85% y-o-y, reaching EGP 679mn by the end of 1Q23. Total revenues gained 161% y-o-y. The company also extended new loans worth EGP 112mn during Q1 2023, a 125% y-o-y increase.

Despite ongoing challenges across equity capital markets, CI Capital’s Investment Bank posted a stellar performance on both sell-side and buy-side, with revenues up 117% y-o-y, reaching EGP 274 mn. CI Capital Investment Banking advised on multiple high-profile transactions across the ECM, DCM, and M&A space, while CI Capital Securities Brokerage concluded 1Q23 with total revenues growing 135% y-o-y to reach EGP 152mn. Asset Management reported a remarkable 243% y-o-y surge in revenues, while total assets under management “AUM” reached EGP 56.9 bn, a significant 297% y-o-y growth.

“With the backing of our principal shareholder, Banque Misr, CI Capital’s resilient results continue to reflect the Group’s scale, diversified business model, solid balance sheet, and sound liquidity position. CI Capital will continue to invest in its people, digitalize its processes, diversify its service offering, and grow its market shares in all its respective fields. As we eye geographic expansion, CI Capital will remain dedicated to further expanding its suite of services within the region and reinforcing its position as Egypt’s leading and most diversified financial services group,” Concluded Gohar.