CIB Group: Outstanding Result in 2022 Financial Year

CIB Group closed the 2022 financial year with an outstanding result: its profit increased by 128% to HUF 36.1 billion, the financial institution told MTI on Thursday.

CIB Group's revenues amounted to HUF 135.6 billion, up 71.0% year-on-year. This was mainly due to the rising interest rate environment and increasing business activity, especially the expansion of lending and higher volumes of cash flow transactions.

Last year, CIB Group's consolidated gross customer loan portfolio increased by 15.5% to HUF 1,466.305 billion at the end of December. The double-digit growth was driven by high demand for new financing, especially in the corporate division, where volumes rose 21% compared to 2021. At the same time, retail lending also saw a significant increase of over 10% in both the small business and retail customer loan portfolios.

Customer deposits increased by 5.8% to HUF 2,133.568 billion at the end of December. The main contributors to the increase were the corporate segments.

CIB Group's equity capital increased by 3.9% to HUF 275.204 billion compared to the end of 2021.

CIB's operating expenses increased by 18.3% year-on-year to HUF 58.3 billion excluding bank tax. The increase was mainly due to the cost-increasing impact of the weaker exchange rate and inflation, as well as higher transaction tax.

The bank contributed HUF 14.192 billion in bank tax (including extra profit tax) to the Hungarian budget and almost HUF 10 billion in interest rate freeze to reduce the burden on customers.

As part of Intesa Sanpaolo, the group employs more than 2,000 active staff and has nearly 415,000 customers.