CIB is a step away from clinching the title of largest private sector Bank in loans

A strong expansion of the Commercial International Bank in granting loans, has driven its total customer loans portfolio to record increases in recent years.It made it a step away from clinching the title of the largest private sector Bank in the loan market. After many years of QNB retaining this title, Making CIB to be the largest Bank in the size of all portfolios at the level of private sector banks, and the highest in achieving profits.

Over the past four years, the gap between CIB and QNB in the finance market has significantly narrowed, falling from EGP 39.6 bn by the end of September 2020, to EGP 22.7 bn by the end of the same period in 2021.

The gap continued in narrowing, reaching the difference between the two banks of EGP 17.7 bn by the end of September 2022, and shrank further in the first 9M of last year, recording EGP 5.2 bn by the end of September.

This strongly enhances the probability of CIB clinching the title of Egypt's largest private sector bank from QNB following the announcement of private financial statements by the end of 2023, which is expected to take place in the coming days, which will happen in case the Bank continues its rapid growth at the level of the loan portfolio.

The total customer loans portfolio of CIB grew strongly during the first 9M of last year, jumping by 16.4%, to EGP 254.5 bn by the end of September 2023, compared to EGP 218.6 bn by the end of 2022.

It is worth mentioning that the increase achieved by CIB during the first 9M of 2023, amounting to EGP 35.9 bn, is the largest quarterly increase over the past five years, and lead the bank to top First Bank index for credit competitiveness among listed banks during the first 9M of last year, and you can see the full rating list here.

As for QNB's total loans, it has witnessed positive growth, but at a lower pace than its closest competitor, CIB, with its portfolio jumping by 12.6%, registering EGP 259.8 bn by Q3 of 2023, compared to EGP 230.8 bn by the end of 2022, with an increase of EGP 29 bn.

CIB has achieved a record year over the past year. As reflected in all the Bank's financial indicators as its assets portfolio jumped by EGP 175.1 bn during the first 9M of 2023, reaching EGP 808.7 bn by the end of September, Compared to EGP 633.6 bn by the end of 2022, with a 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.

Additionally, it continues to maintain his title as the largest private sector bank in the asset market.

Its net profits rose by 78.1%, registering EGP 21.7 bn during the first 9M of 2023, compared to EGP 12.2 bn during the same period of 2022, with an increase of EGP 9.5 bn, recording the fastest quarterly growth in 5 years, and continuing to maintain its position as the most achieving private bank in net profits.

The Bank’s customer deposits portfolio jumped by EGP 135.8 bn during the first 9M of this year, registering EGP 665.9 bn by the end of September 2023, compared to 530.1 bn by the end of December 2022, leading the Bank to top First Bank index for Depositors' confidence in listed banks during the first 9M of last year, and you can see the full rating list here.