The Greater Cairo : most profitable geographical sector for CIB in terms of net profits At 9M-2023

CIB Egypt managed to achieve strong financial performance this year, particularly in its net profits, which jumped by 78.04% to reach EGP21.73 bn in the first 9 months of 2023, compared to EGP 12.21 bn in the same period last year, indicating an increase of EGP9.53 bn. Analyzing CIB's geographical sectors, the Greater Cairo sectors were the most profitable, recording EGP17.66 bn in the first 9 months of 2023, a growth rate of 65.38% compared to EGP 10.68 bn in the same period in 2022, with an increase of EGP6.98 bn. The Greater Cairo sectors constituted the largest share of CIB's net profits, accounting for 81.26% during the first 9 months of 2023. In terms of net profits from Alexandria, Delta, and Sinai sectors, they experienced the fastest growth among the geographical sectors, jumping by 178.31% to reach EGP3.40 bn in the first 9 months of 2023, compared to EGP1.22 bn in the same period of 2022, indicating an increase of about EGP 2.18 bn.

The relative weight of Alexandria sector increased, accounting for 15.65% of CIB's net profits during the first 9 months of 2023, compared to 10% in the same period last year.

As for CIB's net profits from Upper Egypt sectors, they increased by 120% to reach EGP672.5 mn in the first 9 months of 2023, compared to EGP305.7 mn in the same period of 2022, with an increase of EGP367 mn.

The relative weight of Upper Egypt sectors slightly increased to 3.09% during the first 9 months of 2023, compared to 2.50% in the same period in 2022. For more information and news about CIB, click here.