CIB achieves a breakthrough in financial efficiency indicators during 9M-2023
First Bank
Commercial International Bank (CIB), the largest private sector bank in Egypt, achieved a remarkable development in its financial efficiency indicators during the first 9 months of the current year.
The separate financial statements of the Commercial International Bank – Egypt, which ended on September 30, revealed that the bank achieved a return on average equity of 29.98% during the first 9 months of 2023, compared to 18.29% during the same period of 2022.
The bank was able to increase the return on average assets to 3.01% during the first 9 months of 2023, compared to 2.25% during the first 9 months of 2022.
The main reason for the increase in the averages of return on equity and return on assets at CIB is the bank’s net profit of EGP21.7 bn during the first 9 months of 2023, compared to EGP12.2 bn during the same period of 2022, registering a growth rate of 78.04%.
On the level of basic earnings per share, CIB recorded a growth rate of 77.1%, as the bank’s share of its net profits reached about 6.41 pounds per share during the first 9 months of 2023, compared to 3.62 pounds during the same period of 2022.
It is worth noting that the bank achieved a growth in its equity portfolio by 14.1% during the first 9 months of the current year, as it moved from EGP67.7 bn at the end of December 2022, to reach EGP77.3 bn at the end of September 2023.
The bank’s asset portfolio also rose by 27.6% during the first 9 months of the current year, to record EGP808.7 bn at the end of September 2023, compared to EGP633.6 bn at the end of December 2022.
