CIB tops First Bank rating lists in 2023
First Bank
The Commercial international Bank has achieved exceptional performance during this year, supported by the return of Hisham Ezz Alarab, the godfather of the Bank, to become Chairman of the Board of Directors, and also thanks to the efforts of Hussein Abaza, Chief Executive Officer and Managing Director of the Bank
This is evident in the Bank's topping several rating lists issued by the classification centre of First Bank website to measure and classify the financial performance of the banks listed on the Egyptian stock exchange.
CIB leads First Bank credit competitiveness index for listed banks in the first 9M of this year, after its total customer loans and facilities portfolio rose by EGP 35.9 bn, reaching EGP 254.5 bn by the end of September 2023, compared to 218.6 bn by the end of December 2022.
It was also on top of First Bank Depositors’ Confidence Index for listed banks by the end of September, after successfully increasing its customer deposit portfolio by EGP 135.8 bn during the first 9M of this year, to register EGP 665.9 bn by the end of September 2023, compared to 530.1 bn by the end of December 2022.
It also topped First Bank list of rating listed banks in terms of the highest value in customer deposits by the end of September.
In addition, the bank managed to get the second position on First Bank list of the fastest-growing banks in customer deposits during the first 9M of this year.
It was also ranked second on First Bank list of rating listed banks in terms of the highest value in total customer loans by the end of September.
Meanwhile, the Bank got the second position in First Bank list of the fastest-growing banks in asset in the first 9 months of this year, with a growth rate of 27.6%, rose to EGP 808.7 bn by the end of September 2023, compared to 633.6 bn by the end of December 2022.
The Bank ranked second on First Bank list of the fastest-growing banks in total consumer deposits during the first 9M of this year, with a growth rate of 34.3%, after its total portfolio rose to EGP 359.8 bn by the end of September 2023, compared to 267.9 bn by the end of December 2022.
It also got the second position on First Bank list of the fastest-growing banks in corporate loans during the first 9M of this year, after its portfolio rose by 19.8%, reaching EGP 198 bn by the end of September 2023, compared to 165.4 bn by the end of December 2022.
While it ranked third on the list of fastest-growing banks in direct loans came during the first 9M of this year, with a growth rate of 21.9%, after its portfolio jumped to EGP 95.1 bn by the end of September 2023, compared to 78 bn by the end of December 2022.
The Bank claimed the third position on First Bank list of the fastest-growing banks in total customer loans during the first 9M of this year, with a growth rate of 16.41% over the same period.
It secured the third position on First Bank list of the most efficient listed banks in investing their assets (rate of Return On Average Assets-ROA) during the first 9M of this year, after registering a rate of return on average assets of 3.01% during the same period.
It is worth noting that the Commercial international Bank achieved the fastest quarterly growth in its net profit in 5 years, after its net profit jumped by 78.1%, registering EGP 21.7 bn in the first 9M of 2023, compared to EGP 12.2 bn in the same period of 2022, with an increase of EGP 9.5 bn.
