Commercial International Bank achieved strong profits during the first quarter of this year, driven by the lar

net profits,Commercial International Bank,first quarter,asset and liabilities

Individuals constitute the biggest share of CIB's net profits with 27.88% during Q1-2023

FirstBank

 Commercial International Bank achieved strong profits during the first quarter of this year, driven by the large jump in its profits from its various banking businesses, led by MSEs, asset and liabilities, large corporates and individuals.

CIB’s net profit jumped by 43.52%, recording EGP 6.08 bn during the first quarter of 2023, compared to EGP 4.24 bn during the same period of 2022, an increase of EGP 1.84 bn.

The bank’s net profit from MSEs(including current account activities, deposits, debit current accounts, loans, credit facilities, and financial derivatives) was the fastest growing, as it jumped by 258.02%, to reach EGP693.35 mn during the first quarter of this year, compared to EGP193.66 mn in the previous quarter of the same period in 2022, with an increase of EGP499.69 mn.

Despite this big jump, CIB's net profits from MSEs were the lowest among its banking businesses, accounting for 11.40% of its net profits during the first quarter of 2023.

The bank's net profit from asset and liabilities jumped to EGP781.32 mn during the first quarter of 2023, compared to

EGP 251.98 mn during the same period of 2022, an increase of EGP 529.34 mn.

CIB's net profits from asset and liabilities accounted for 12.84% of the bank's net profits during the first quarter of 2023.The bank’s net profits from large corporates (including current account activities, deposits, debit current accounts, loans, credit facilities, and financial derivatives) increased from EGP 1.32 bn during the first quarter of 2022, compared to EGP 1.64 bn during the same period of 2023, an increase of EGP 313.86 mn.

CIB's net profits from large corporates accounted for 26.93% of its net profits during the first quarter of 2023.

The bank’s net profits from individuals (including current account activities, savings, deposits, credit cards, personal loans, and Mortgage loans) rose to EGP1.7 bn during the first quarter of 2023, compared to EGP791.71 mn during the same period of 2022, a growth rate of 114.26%, and an increase of EGP904.61 mn.

CIB’s net profit from individuals was the most contributor to the bank’s net profit, amounting to 27.88% during the first quarter of 2023.

As for the bank's net profits from investment ( includes corporate merger activities, investment purchases, and financing corporate restructuring and financial instruments), it fell to EGP1.27 bn during the first 3 months of this year, compared to EGP 1.68 bn during the same period of 2022.

CIB's net profit from investment accounted for about 20.95% of the bank's net profit during the first quarter of 2023.