CIB Top Listed Banks in Asset Portfolio by March-2023end

The Commercial International Bank (CIB) continued to expand in the Egyptian banking market and enhance its business volume noticeably, as revealed by First Bank list of the largest listed banks in terms of asset value by the end of last March.

The bank topped the list after its total asset portfolio reached EGP 684.2 bn, with a growth rate of 7.98% during the first quarter of 2023.

CIB's asset portfolio is distributed among different geographical regions, the Greater Cairo sectors acquired the largest share, representing 92.59% of the bank's total assets by the end of March 2023.

The bank's asset portfolio in the Greater Cairo regions jumped by 7.88%, reaching EGP 633.53 bn by the end of the first quarter of 2023, compared to EGP 587.26 bn by the end of 2022, an increase of EGP 46.27 bn.

As for the bank's asset portfolio in Alexandria, Delta, and Sinai, it increased to EGP 39.34 bn by the end of the first quarter of 2023, compared to EGP 36.64 bn by the end of 2022, achieving a growth rate of 7.38% and an increase of EGP 2.71 bn.

CIB's assets in Alexandria, Delta, and Sinai acquired 5.75% of the bank's total assets by the end of March 2023.

Regarding the bank's asset portfolio in Upper Egypt, it was the fastest-growing during the first 3 months of the current year, jumping by 16.19%, recording EGP 11.33 bn by the end of March 2023, compared to EGP 9.75 bn by the end of 2022, an increase of EGP 1.58 bn.

CIB's assets in Upper Egypt acquired 1.66% of the bank's total assets by the end of the first quarter of 2023.

Overall, the bank achieved a strong performance during the current year, with its net profits jumping by 43.52%, reaching EGP 6.084 bn during the first quarter of 2023, compared to EGP 4.239 bn during the same period in 2022, an increase of EGP 1.844 bn.

CIB's pre-tax income 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 reach EGP 10.832 bn during the first quarter of 2023, compared to EGP 6.602 bn during the same period of the previous year, an increase of EGP 4.230 bn.

Net fees and commissions income increased to EGP 1.212 bn during the first 3 months of 2023, compared to EGP 676.841 mn during the same period in 2022, achieving a growth rate of 79.10% and an increase of EGP 535.407 mn.

CIB's customer deposit portfolio increased by about 8.30% to reach EGP 574.113 bn by the end of March 2023, compared to EGP 530.124 bn by the end of 2022, an increase of EGP 43.988 bn.

Net customer loans jumped from EGP192.621 bn at the end of 2022 to EGP 212.026 bn at the end of March 2023, achieving a growth rate of 10.07% and an increase of EGP 19.405 bn.