Significant growth in CIB’s net profits, achieving the fastest growth in 5 years
First Bank
Commercial International Bank achieved exceptional growth over the past year, jumping its net profit by about 78%, reaching EGP 28.8 bn in 2023, compared to EGP 16.1 bn in 2022, with an increase of EGP 12.6 bn, recording the fastest annual net profits growth in 5 years.
Turning to the growth rates in its net profits over the past five years, we find that it has achieved growth of about 23.5% in 2019, but in the following year 2020 its profits fell by about 12.7% due to the negative repercussions of the coronavirus pandemic on the domestic and global economy.
However, it rebounded sharply in 2021, achieving a growth rate of 30.3% in its net profits, while the growth pace slowed in 2022, registering a growth rate of 20.2% on an annual basis.
Generally, CIB achieved a record year over the past year, with total bank assets rising by about 31.4% over the past year, registering EGP 832.5 bn by the end of December 2023, compared to EGP 633.6 bn by the end of 2022, with an increase of EGP 198.9 bn.
Customer deposits portfolio climbed to EGP 675.3 bn by the end of December, compared to EGP 530.1 bn by the end of 2022, with a growth of 27.4% and an increase of EGP 145.2 bn.
Total customer loans of the Bank jumped by 46.47 over the past year, registering EGP 265.1 bn by the end of 2023, compared to EGP 218.6 bn by the end of 2022, with a growth of 21.3% year-on-year.
Net interest income rose by 71.1% over the past year, to EGP 52.7 bn in 2023, compared to EGP 30.8 bn in 2022, with an increase of EGP 21.9 bn.
Net fees and commissions income rose to EGP 5.4 bn in 2023, compared to EGP 3.1 bn in 2022, with a growth of 77.3% and an increase of EGP 2.4 bn.
The share value in the Bank's profits during the period from early January to the end of December 2023 jumped to EGP 8.59 per share over the past year, compared to EGP 4.8 per share in 2022, with a growth of 78.96% and an increase of EGP 3.79 per share.
