CIB’s net profits Jump by 78.35%, recording EGP 28.8 bn during 2023
First Bank
The results of Commercial International Bank’s business on the bank's website revealed an increase in its net profits during the past year by 78.35% to record EGP 28.768 bn during 2023, compared to EGP 16.13 bn during 2022, achieving an increase of EGP 12.638 bn.
The bank's pre-tax profits surged by 68.42% during the last year, reaching EGP 40.524 bn in 2023, compared to EGP 24.062 in 2022, an increase of EGP 16.462 bn.
Net interest income rose by 71.06% over the past year, registering EGP 52.746 bn in 2023, compared to EGP 30.835 bn in 2022, with an increase of EGP 21.911 bn.
Net fees and commissions income increased from EGP 3.065 bn in 2022 to EGP 5.433 bn in 2023, with a growth of 77.26% and an increase of EGP 2.368 bn
In terms of earnings per share, the bank recorded a growth rate of 78.96% during the last year, with the bank's share of net profits reaching about EGP 8.89 per share in 2023, compared to EGP 4.8 per share during 2022.
Concerning the bank’s financial position, The bank's total asset portfolio jumped from EGP 633.6 bn at the end of 2022 to EGP832.5 bn at the end of 2023, with growth rate of 31.4% over the past year, an increase of EGP198.9 bn.
The bank’s total deposits grew by a rate of 27.4%, an increase of EGP 145.2 bn by 2023 End, reaching EGP 675.3 bn by the end of December 2023, compared to EGP 530.1 bn by the end of 2022.
Total loans increased by 21.3%, amounting to EGP 265.1 bn by end of 2023 compared to EGP 218.6 bn by the end of December 2022. an increase of EGP 46.47 bn.
