CIB Group: 2023 Financial Year with Record Profit

CIB Group closed the 2023 financial year with record profits, with profit after tax reaching HUF 63.9 billion, up nearly 80% year-on-year, the financial institution told MTI on Tuesday.

As the statement highlights, CIB Group's net operating income amounted to HUF 169.6 billion, up from HUF 135.6 billion in the previous year, while profit before tax increased to HUF 71 billion, up from HUF 40.7 billion in 2022.

According to the financial institution, the more profitable operation is due to loan and deposit growth several times above the market average, customer- and growth-focused strategic architecture, digitalization and cost control.

Last year, CIB Group's consolidated gross customer lending grew by 9% to HUF 1,597.6 billion at the end of December, while customer deposits increased by 12.3% to HUF 2,395.6 billion. The latter growth was mainly driven by corporate segments, they said.

CIB Group's equity at the end of the period was HUF 319.469 billion, up 16.1% from the end of 2022.

CIB's operating costs increased by 12.1% year-on-year, mainly due to rising inflation and wage increases, and amounted to HUF 65.4 billion in 2023, excluding bank tax. The financial institution contributed HUF 20.215 billion to the Hungarian budget through the payment of bank tax (including extra profit tax).

As a member of Intesa Sanpaolo, the group has more than 2,000 active employees and nearly 455,000 customers.