Following the recording of EGP14.14 bn in H1-2023; CIB Achieves Quickest Quarterly Growth in Net Profits During the Last Decade

The Commercial International Bank (CIB) has showcased strong performance in the current year, leading to its achievement of the fastest quarterly growth in net profits within the past decade.

This success is attributed to its consistent delivery of top-tier financial solutions to individual and corporate clients, which has enabled the bank to attract a greater number of new customers. As a result, CIB has maintained its position as the most profitable commercial bank in Egypt for over 40 years.

CIB's net profits surged by 81.93% in the first six months of the current year, reaching EGP 14.14 bn during the first half of 2023. This compares to EGP7.77 bn during the same period in 2022, marking an increase of EGP6.37 bn.

In terms of growth rates achieved in previous years, during the first half of 2022, the bank recorded a growth of about 27.92% in net profits, while a growth of around 21.51% was observed during the same period in 2021.

Examining its performance during the first half of 2020, there was a slight decline of 6.65% in net profits due to the impact of the global pandemic, COVID-19. However, the bank achieved growth rates of 21.31%, 22.46%, and 32.15% during the same period in 2019, 2018, and 2017, respectively.

Focusing on CIB's net profits from asset and liability management activities, substantial increases played a significant role in achieving its outstanding performance. Net profits from these activities jumped by EGP 1.95 bn, registering EGP2.35 bn during the first half of 2023, compared to EGP395.16 mn during the same period in 2022. This represents a growth rate of 494.25%.

As for the net profits derived from activities related to medium and small enterprises (including current accounts, deposits, debit current accounts, loans, credit facilities, and financial derivatives), these profits increased to EGP 1.62 bn in the first half of 2023, up from EGP371.53 mn during the same period in 2022, reflecting a growth rate of 336.23% and an increase of EGP1.25 bn.

Notably, CIB's net profits from activities related to large enterprises (including current accounts, deposits, debit current accounts, loans, credit facilities, and financial derivatives) were the highest among its various activities. These profits reached EGP3.7 bn during the first half of 2023, compared to EGP 2.59 bn during the same period in 2022, reflecting a growth rate of 42.92% and an increase of EGP1.1 bn.

Turning to its net profits from individual activities (including current accounts, savings, deposits, credit cards, personal loans, and mortgage loans), CIB achieved EGP3.55 bn during the first six months of 2023, compared to EGP 1.55 bn during the same period in 2022, resulting in an increase of EGP2 bn.

Furthermore, the bank's net profits from investment activities (including company mergers, investment purchases, corporate restructuring financing, and financial instruments) reached EGP2.93 bn in the first half of 2023, compared to EGP2.87 bn during the same period in 2022, reflecting a growth rate of 1.81% and an increase of EGP52.12 mn.

It's worth noting that if this strong performance by CIB continues, it is expected that its net profits will surpass the EGP25 bn mark in 2023.