CIB Tops Credit Competitiveness Index for Listed Banks in 2023
Commercial International Bank has emerged as the leader in credit competitiveness index for listed banks in the first quarter of the current year. The bank's total customer loans reached EGP24.76 bn, recording EGP243.39 bn by the end of March 2023, compared to EGP218.63 bn by the end of 2022.
The significant increase in CIB's total customer financing is a result of the growth in its portfolio of corporate loans, which jumped by 15.11% to reach EGP190.32 bn by the end of March 2023, compared to EGP165.35 bn by the end of 2022, representing an increase of EGP24.98 bn.
The marginal decline in retail banking loans did not affect the bank's total customer financing, as its portfolio of personal loans recorded EGP53.07 bn by the end of March 2023, compared to EGP53.29 bn by the end of 2022.
CIB achieved strong performance in the current year, with a net profit increase of 43.52%, reaching EGP6.084 bn in the first quarter of 2023, compared to EGP4.239 bn in the same period of 2022, representing an increase of EGP1.844 bn.
The bank's pre-taxes profits increased from EGP6.124 bn in the first quarter of 2022 to EGP9.071 bn in the same quarter of 2023, achieving a growth rate of 48.12% and an increase of EGP2.947 bn.
Net interest income jumped by 64.07%, reaching EGP10.832 bn in the first quarter of 2023, compared to EGP6.602 bn in the same period of the previous year, representing an increase of EGP4.230 bn.
Net fees and commissions income increased to EGP1.212 bn in the first three months of 2023, compared to EGP676.841 mn in the same period of 2022, achieving a growth rate of 79.10% and an increase of EGP535.407 mn.
The portfolio of customer deposits at Commercial International Bank increased by 8.30%, reaching EGP 574.113 bn by the end of March 2023, compared to EGP530.124 bn by the end of 2022, representing an increase of EGP43.988 bn.
Furthermore, CIB's net loans to customers increased from EGP192.621 bn by the end of 2022 to EGP212.026 bn by the end of March 2023, achieving a growth rate of 10.07% and an increase of EGP19.405 bn.
