CIB achieves the highest quarterly growth rate in its profits over the past 5 years
First Bank
Commercial International Bank continued its outstanding performance this year, reinforcing its position as Egypt's largest private commercial bank in terms of net profits for decades.
This success can be attributed to Hisham Ezz Al-Arab, the bank's spiritual leader, who assumed the position of Chairman of the Board, and the efforts of Hussein Abaza, the bank's CEO and Managing Director.
Net profits increased by approximately 78.05%, reaching EGP 21.73 bn during the first 9 months of 2023, compared to EGP12.21 bn during the same period in 2022, with an increase of EGP9.53 bn.
In terms of growth rates achieved in previous years, the bank experienced a growth of about 21.97% during the first 9 months of 2019.
However, due to the impact of the COVID-19 pandemic, its net profits decreased by about 13.41% during the same period in 2020.
Nevertheless, CIB managed to bounce back, achieving a growth of about 33.79% during the first 9 months of 2021, and approximately 23.36% during the same period in 2022. Overall, the bank continues to achieve record-breaking results this year, with its net income jumping by about 73.13% to reach EGP37.59 bn during the first 9 months of 2023, compared to EGP21.71 bn during the same period in 2022, with an increase of EGP15.88 bn. Additionally, the bank's fee and commission income increased by about 82.01%, reaching EGP3.95 bn during the first 9 months of 2023, compared to EGP 2.17 bn during the same period in 2022, with an increase of EGP1.78 bn.
The bank's total asset portfolio grew significantly by EGP175.1 bn from January to September 2023, with a growth rate of 27.63%, bringing the total portfolio to EGP808.7 bn by the end of September 2023, compared to EGP633.6 bn by the end of 2022.
Furthermore, the bank's customer deposits portfolio increased by about 25.6%, reaching EGP665.9 bn by the end of September 2023, compared to EGP530.1 bn by the end of 2022, with an increase of EGP135.8 bn.
Total loans granted to the bank's clients increased by about 16.41%, reaching EGP254.5 bn by the end of September 2023, compared to EGP218.6 bn by the end of 2022, with an increase of EGP35.9 bn. For more info and news about CIB, click here.
