CIB achieves the fastest quarterly growth in its assets in 5 years
First Bank
Commercial International Bank - Egypt has significantly increased its asset size during this year as its portfolio jumped by EGP 175.1 billion in the first 9 months of 2023, reaching EGP 808.7 billion by the end of September. Compared to EGP 633.6 billion by the end of 2022, with growth of 27.6%, achieving the fastest quarterly growth in 5 years, and approaching the trillion pounds in its asset portfolio for the first time in its history.
This performance led CIB to rank second on Frist Bank's list of the fastest growing banks in assets during the first 9M of this year.
In terms of growth rates in the past years, during the first 9M of 2019, the Bank achieved a growth of about 9.3% in the size of its assets, while 6.9% growth during the same period of 2020.
As for its performance during the first 9M of 2021, CIB achieved growth in its asset size of 15.3%, while it recorded an increase of 18.9% during the same period in 2022.
CIB continues to produce record business results during this year, jumping its net profit by 78.1%, to EGP 21.7 billion in the first 9M of 2023, compared with EGP 12.2 billion in the same period of 2022, with an increase of EGP 9.5 billion.
Its net interest income rose by 73.13%, reaching EGP 37.6 billion during the first 9M of 2023, compared to EGP 21.7 billion in the same period of 2022, with an increase of EGP 15.9 billion.
Net fees and commissions income rose by 82%, to EGP 3.95 billion in the first 9M of 2023, compared to EGP 1 billion in the same period of 2022, with an increase of EGP 1.8 billion.
The Bank's customer deposit portfolio rose by 25.6%, registering EGP 665.9 billion by the end of September 2023, compared to EGP 530.1 billion by the end of 2022, with an increase of EGP 135.8 billion.
Total customer loans rose by 16.41% to EGP 254.5 billion by the end of September 2023, compared to EGP 218.6 billion by the end of 2022, with an increase of EGP 35.9 billion.
