CIB achieves fastest quarterly growth in deposits portfolio in 5 years
First Bank
Commercial International Bank achieved record growth in its deposits portfolio over the past year, jumping by 25.6% in the first 9M of 2023, reaching EGP 665.9 bn by the end of September, compared to EGP 530.1 bn by the end of 2022, with an increase of EGP 135.8 bn, recording the fastest quarterly growth in 5 years.
This outstanding performance prompted CIB to top many ratings, it tops First Bank list to rank listed banks in terms of the largest value in customer deposits, as well as Listed Banks on First Bank Index for Depositors' confidence, while the second fastest-growing bank in customer deposits in the first 9M of 2023.
The increases the Bank achieved supported its share in the deposit market, jumping to 6.8% of total banking sector deposits by the end of September 2023, compared to 6.1% by the end of 2022.
In terms of growth rates in the past years, the Bank achieved growth of about 7.9% during the first 9M of 2019 in its customer deposits portfolio, while it increased by about 8.8% during the same period of 2020.
CIB has achieved growth of about 18.5% in the first 9M of 2021 in the size of its deposits, while it recorded growth of about 22.5% in the same period in 2022.
In addition, the Bank achieved a record year over the past year. As reflected in all the Bank's financial indicators, 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%, registering the fastest quarterly growth in 5 years, getting closer to the trillion-pound value in its asset portfolio for the first time in its history, it continues to maintain its title as the largest private sector bank in the asset market.
Net profits rose 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, recording the fastest quarterly growth in 5 years, and continuing to maintain its position as the most achieving private bank achieving of net profits.
Its net interest income rose by 73.13%, reaching EGP 37.6 bn during the first 9M of 2023, compared to EGP 21.7 bn in the same period of 2022, with an increase of EGP 15.9 bn.
Net fees and commissions income rose by 82%, to record EGP 3.95 bn in the first 9M of 2023, compared to EGP 2.2 bn in the same period of 2022, with an increase of EGP 1.8 bn.
Total customer loans of the Bank rose by 16.41% to EGP 254.5 bn by the end of September 2023, compared to EGP 218.6 bn by the end of 2022, with an increase of EGP 35.9 bn.
