CIB Egypt’s net profits grow by 78.05% during 9M 2023, recording EGP 21.73 bn
Yasmine Elsayed
The separate financial statements of Commercial International Bank (CIB) revealed an increase in the bank's net profits, with a growth rate of 78.05% to record EGP 21.732 bn during the first 9M-2023, compared to EGP 12.205 bn during the same period of 2022, with an increase of EGP 9.526 bn.
Net Interest income jumped by 73.13%, to record EGP 37.587 bn during the first 9 Months of 2023, compared to EGP 21.710 bn during the same period of 2022, with an increase of EGP 15.876 bn.
Net fees and commissions income increased by 82.01%, reaching EGP 3.950 bn during the first 9M of 2023 compared EGP 2.170 bn during the same period of 2022, with an increase of EGP 1.780 bn.
In addition, CIB achieved a strong performance during the current year, as The bank's total assets witnessed a growth rate of 27.63%, an increase of EGP 175.099 bn during the first 9M of the current year, reaching EGP 808,742 bn by the end of September 2023, compared to EGP 633.643 bn by the end of December 2022.
Additionally, CIB's customer loans increased by 16.41%, as jumped from EGP 218.633 bn by the end of 2022 to reach EGP 254.516 bn by the end of September 2023, with an increase of EGP 35.883 bn.
Furthermore, the bank succeeded in increasing the total portfolio of customer deposits by EGP 135.770 bn, achaving a growth rate of 25.61% during the first 9M of the current year, amounting to EGP 665.894 bn by the end of September 2023, compared to EGP 530.124 bn by the end of December 2022.
