CIB's net profit grows by 43.52%, records EGP 6.08 bn in Q1-2023

Commercial International Bank's financial performance for the period ending on March 31, 2023, issued on the bank’s website, revealed that the bank’s net profit increased by 43.52%, to record EGP 6.084 bn during the first quarter of 2023, compared to EGP4.239 bn during the same period of 2022, an increase of EGP1.844 bn.

CIB’s pre-taxes profits increased from EGP 6.124 bn during the first quarter of 2022 to EGP 9.071 bn during the same quarter of 2023, achieving a growth rate of 48.12%, and an increase of EGP 2.947 bn.

Net interest income jumped by 64.07%, to record EGP10.832 bn during the first quarter of 2023, compared to EGP6.602 bn during the same period of the previous year, an increase of EGP4.230 bn.

Net fees and commissions income increased to EGP1.212 bn during the first three months of 2023, compared to EGP676.841 mn during the same period in 2022, achieving a growth rate of 79.10%, and an increase of EGP 535.407 mn.

The bank achieved a strong performance during the first quarter of this year, as its total assets increased from EGP 633.643 bn at the end of 2022 to EGP 684.195 bn at the end of March 2023, achieving a growth rate of 7.98%, and an increase of EGP 50.552 bn.

Deposit portfolio increased by 8.30%, to record EGP574.113 bn at the end of March 2023, compared to EGP 530.124 bn at the end of 2022, an increase of EGP 43.988 bn.

It also strengthened its financing to clients, as its net loan portfolio jumped from EGP EGP192.621 bn at the end of 2022 to EGP EGP212.026 bn at the end of March 2023, achieving a growth rate of 10.07%, and an increase of EGP 19.405 bn.