CIB sees significant growth in its corporate sector during H1-2023

CIB saw a significant growth in its corporate sector during the first half of this year. This is evident in the substantial increase in the bank's indicators, leading it to rank fourth in terms of the speed of corporate loan growth and second in terms of corporate deposit growth among listed banks.

CIB also holds the largest portfolio of corporate deposits among listed banks and ranks second in terms of corporate financing volume.

Corporate loans at the bank increased by approximately 20.06%, rising from EGP165.35 bn at the end of 2022 to EGP198.52 bn by the end of June 2023, marking an increase of EGP33.17 bn.

This strong performance was primarily driven by a 29.17% growth in debit current account balances, reaching EGP 54.9 bn by the end of June 2023, compared to EGP42.5 bn at the end of 2022, with an increase of EGP12.4 bn.

Direct loan portfolio also grew by 21.07%, reaching EGP94.5 bn by the end of June 2023, compared to EGP78 bn at the end of 2022.

Syndicated loan portfolio at the bank increased by 9.40%, reaching EGP 48.9 bn by the end of June 2023, compared to EGP 44.7 bn at the end of 2022.

As for other loans, they increased by 106.66%, reaching EGP257.19 mn by the end of June 2023, compared to EGP 124.45 mn at the end of 2022.

The corporate sector at CIB contributed 78.94% to the total bank loan portfolio, which jumped to EGP251.48 bn by the end of the first half of 2023, up from EGP 218.63 bn at the end of 2022, with a growth rate of 15.02% and an increase of EGP32.85 bn, securing the second position on the list of the fastest-growing listed banks in total customer loans during the first half of the current year.

Corporate deposits at the bank increased from EGP262.22 bn at the end of 2022 to EGP305.41 bn at the end of June 2023, with a semi-annual growth rate of 16.47% and an increase of EGP 43.19 bn.

Corporate sector accounted for approximately 46.53% of the total bank deposit portfolio. The bank's corporate deposit portfolio increased to EGP656.42 bn by the end of June 2023, compared to EGP530.12 bn at the end of 2022, with a growth rate of 23.82% and an increase of EGP126.3 bn. This positions the bank in second place on the list of the fastest-growing listed banks in customer deposits during the first half of the current year.