CIB’s net profits jump 81.93% during H1-2023, recording EGP 14.14 bn
Yasmine Elsayed
The latest financial results of Commercial International Bank (CIB) revealed a significant increase in the bank's net profits, with a growth rate of 81.93% to record EGP14.14 bn during the first 6 months of the current year, compared to EGP 7.773 bn during the same period of 2022, an increase of EGP 6.369 bn .
Pre-tax profit soared by 76.32%, reaching EGP 20.127 bn during the first half of 2023, compared to EGP 11.415 bn during the first half of 2022, marking an increase of EGP 8.712 bn.
Net Interest income jumped by 73.71%, reaching EGP 23.790 bn during H1- 2023, compared to EGP13.695 bn during the same period of 2022, an increase of EGP10.094 bn.
Net fees and commissions income increased from EGP 1.335 bn during the first half of 2022 to reach EGP 2.551 bn during the same period of this year, achieving a growth rate of 91% and an increase of EGP 1.215 bn.
In addition, CIB achieved a strong performance during the current year, as The bank's total assets witnessed a growth rate of 25.41%, with an increase of EGP 161.034 bn during the first half of the current year, reaching EGP 794.677 bn by the end of June 2023, compared to EGP 633.643 bn by the end of December 2022.
Additionally, the bank extended more credit to customers, as total portfolio of loans and facilities granted to customers increased by 15.02%, it jumped from EGP 218.633 bn by the end of 2022 to reach EGP 251.479 bn by the end of June 2023, and an increase of EGP 32.846 bn.
Furthermore, the bank succeeded in increasing the total portfolio of customer deposits by EGP 126.299 bn, growing at a rate of 23.82% during the first half of the current year, amounting to EGP 656.423 bn by the end of June 2023, compared to EGP 530.124 bn by the end of December 2022.
The bank's Reserves increased to EGP 23.220 bn by the end of June 2023, compared to EGP 19.502 bn by the end of 2022, with a growth rate of 19.06%, and an increase of EGP 3.72 bn.
CIB was able to strengthen its shareholder's Equity, until it reached EGP 69.154 bn by the end of H1- 2023, compared to EGP67.720 Bn by the end of 2022, with a growth rate of 2.12%, and an increase of EGP 1.434 bn.
As for its capital, issued and paid-up capital increased to EGP 30.195 bn by the end of the first half of 2023, compared to EGP29.825 bn by the end of 2022, with a growth rate of 1.24%, and an increase of EGP 370 mn.
