CIB grows by 39.59% on First Bank composite growth index during 2023

The separate financial statements of Commercial International Bank (CIB), which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 39.59% in 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to December 2023.

CIB managed to achieve positive results across all its sub-indicators constituting the First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 78.4%, recording EGP 28.8 bn during 2023, compared to EGP 16.1 bn during 2022, with an increase of EGP 12.6 bn.

Total assets at the bank were the second contributor to this growth, it grew at a growth rate of 31.4% by the end of 2023, reaching EGP 832.5 bn by the end of December 2023, compared to EGP 633.6 bn at the end of December 2022, an increase of EGP 198.9 bn.

Total customer deposits were the third contributor to the growth of CIB, with a growth rate of 27.4% and an increase of approximately EGP 145.2 bn during 2023, to record EGP 675.3 bn by the end of December 2023, compared to EGP 530.1 bn at the end of December 2022.

Total customer loans increased by 21.3% during the last year, reaching EGP 265.1 bn by the end of December 2023, compared to EGP 218.6 bn at the end of December 2022, with an increase of EGP 46.47 bn.