CIB tops fastest-growing banks on First Bank Credit Competitiveness Index in 2024

CIB - Egypt achieved strong growth in total loans to customers over the past year, rising its portfolio by 124.471 billion pounds, reaching 389.575 billion pounds by the end of 2024, compared to 265.104 billion pounds by the end of 2023, with a growth rate of 46.95%.

This outstanding performance prompted the bank to top the First Bank's credit competitiveness index for banks listed on the Egyptian stock exchange in 2024.

This is due to the remarkable progress in corporate loans, as reflected in its portfolio of institutional loans rising to 310.204 billion pounds by the end of 2024, compared to 205.038 billion pounds by the end of 2023, a growth of 51.29%, and a total increase of 105.166 billion pounds.

Its outstanding performance in the retail banking sector also played a role, with his portfolio of individual loans rising by 32.14% over the past year, registering 79.37 billion pounds by the end of 2024, compared with 60.064 billion pounds by the end of 2023, representing an increase of 19.306 billion pounds.

Overall, the Bank achieved a strong performance over the past year, jumping its net profit to 55.427 billion pounds in 2024, compared to 28.768 billion pounds in 2023, a growth of 92.67%, and a total increase of 26.659 billion pounds.

Net interest income rose by 72.17% over the past year, reaching 90.816 billion pounds in 2024, compared with 52.746 billion pounds in 2023, an increase of 38.069 billion pounds.

Net fees and commissionsbincome rose to Pound7.065 billion in 2024, compared to Pound5.433 billion in 2023, a growth rate of 30.02%, and a total increase of Pound1.631 billion.

At the bank's financial position, its portfolio of assets rose by 45.26% over the past year, reaching 1.209 trillion pounds by the end of 2024, compared with 832.527 billion pounds by the end of 2023, an increase of 376.791 billion pounds.

The customer deposit portfolio rose by 43.33% in 2024, registering 967.895 billion pounds by the end of last year, compared with 675.31 billion pounds by the end of 2023, an increase of 292.585 billion pounds.