CIB Tops First Bank Index for Depositors' Confidence in Q1-2023

Commercial International Bank continued to secure top positions on the lists of listed banks in First Bank index, reflecting its strong performance in the Egyptian banking market as the largest private sector bank in Egypt.

First Bank index for depositors' confidence in listed banks revealed that CIB topped the list after successfully increasing its customers' deposit portfolio by EGP43.989 bn during the first quarter of the current year, reaching EGP574.114 bn by the end of March 2023, compared to EGP530.125 bn at the end of 2022.

This is attributed to an increase in the Retail deposit portfolio by 8.34%, reaching EGP290.250 bn by the end of March 2023, compared to EGP267.900 bn at the end of 2022, with an increase of EGP22.350 bn.

In addition, institutional deposits also played a role in increasing total deposit portfolio of the bank's clients, rising from EGP262.223 bn at the end of 2022 to EGP283.863 bn at the end of March 2023, achieving a growth rate of 8.25% and an increase of EGP 21.640 bn.

Commercial International Bank achieved a strong performance during the first quarter of the current year, as its total assets increased from EGP633.643 bn at the end of 2022 to EGP684.195 bn at the end of March 2023, achieving a growth rate of 7.98% and an increase of EGP 50.552 bn.

It also enhanced its financing for clients, as its net customer loans jumped from EGP 192.621 bn at the end of 2022 to 212.026 billion pounds at the end of March 2023, achieving a growth rate of 10.07% and an increase of EGP19.405 bn.

The bank's net profit increased by 43.52%, reaching EGP6.084 bn during the first quarter of 2023, compared to EGP4.239 bn during the same period in 2022, with an increase of EGP1.844 bn.

CIB's pre-taxes profit rose from EGP6.124 bn in the first quarter of 2022 to EGP 9.071 bn in the same quarter of 2023, achieving a growth rate of 48.12% and an increase of EGP2.947 bn.

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