CIB grows 37% on FirstBank’s composite growth index during 9M- 2023

Separate financial statements of Commercial International Bank – Egypt “CIB”, which ended on September 30, revealed that it achieved a compound growth rate of 37% during the first 9 months of 2023.

This rate was measured by a composite index developed by First Bank to measure  financial performance of banks with one number, at the level of all branches of activity that include net profits, deposit portfolio, loan portfolio, and asset portfolio, during the period from January to September 2023.

The bank was able to achieve positive results in its 4 sub-indicators that make up First Bank composite growth index, topped by the bank’s net profits, which formed the largest percentage in the growth of the bank’s activity, by 78.04%, to record EGP21.73 bn during the first 9 months of 2023, compared to EGP12.21 bn during the same period of 2022, with an increase of EGP9.53 bn.

The bank’s total asset portfolio received the second contributor to this growth, as it increased by 27.63% during the first 9 months of the current year, to record EGP808.74 bn at the end of September 2023, compared to EGP633.64 bn at the end of December 2022, to increase by an increase of EGP17.51 bn.

Total portfolio of customer deposits at the bank contributed after it increased by a growth rate of 25.61% by an increase of EGP135.77 bn during the first 9 months of the current year, to record EGP665.90 bn at the end of September 2023, compared to EGP530.13 bn at the end of December 2022.

Total loans and facilities to customers also contributed to this growth, as total portfolio jumped by a growth rate of 16.41% and an increase of EGP35.88 bn during the first 9 months of the current year, to record EGP254.52 bn at the end of September 2023, compared to EGP218.63 bn at the end of December 2022.