CIB’s growth accelerates to 40.46% during Q2-2023
First Bank
Commercial International Bank’s growth accelerates during the second quarter of 2023, recording a compound growth rate of 40.46%, compared to 17.78% during First quarter of Current year.
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 Q2-2023.
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 128.02% during Q2-2023.
The bank's asset portfolio came in second place with a growth of 16.15% during the second quarter of this year, it also achieved an increase in both deposit and loans portfolios with growth rates of 14.34% and 3.32%, respectively, during the period from April to June 2023.
The bank’s net profits also increased on First Bank composite growth index during Q1-2023 to achieve a growth rate of 43.52%.
The bank’s Total loan portfolio increased by 11.33% during Q1-2023, asset as well as deposit portfolios increased by 7.98% and 8.30%, 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.
