CIB’s growth accelerates to 17.78% during Q1-2023

Commercial International Bank’s growth accelerates during the First quarter of 2023, recording a compound growth rate of 17.78%, compared to 8.90% during Q4-2022.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure during Q1-2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio) which formulated First Bank composite growth index, led by net profit, recorded a growth rate of 43.52% during Q1-2023.

It also achieved a growth in total loans and facilities to customers at a rate of 11.33% during Q1-2023, and an increase in both asset and deposit portfolios by 7.98% and 8.30%, respectively, at the same period.

The bank’s net profits also increased on First Bank composite growth index during Q4-2022 to achieve a growth rate of 11.31%.

The bank’s Total loan portfolio increased by 10.44% during Q4-2022, asset as well as deposit portfolios increased by 7.33% and 6.54%, respectively, at the same period.

It should be noted that all figures and growth rates mentioned above, are according to separate financial statements published on the bank’s official website.