CIB achieves significant growth in the corporate sector by end of 2023
Mai El-Kafoury
The Commercial International Bank has been able to continue its support to corporate sector during the past year, as evidenced by the sector's strong growth rates.
Highlighting CIB's corporate loans over the past year, its corporate loans portfolio jumped by 24%, to move from EGP 165.3 bn by the end of 2022, to 205.04 bn by the end of December 2023, with an increase of about EGP 39.7 bn.
This outstanding performance was supported by an increase in the Bank's current and debit accounts balance at a growth rate of 29.1%, after registering EGP 54.8 bn by the end of December 2023, compared to 42.5 bn by the end of 2022, with an increase of EGP 12.36 bn.
The relative weight of the current accounts balance increased to about 26.7% of total corporate loans of the Bank by the end of last year, compared to a relative weight of 25.7% by the end of December 2022.
The bank's direct loans portfolio increased by EGP 20.4 bn, with a growth rate of 26.2% over the past year, to register EGP 98.7 bn by the end of December 2023, compared to EGP 78.03 bn by the end of 2022.
The relative weight of direct loans increased to 48.02% of the bank's total corporate loans by the end of 2023, compared to a relative weight of 47.2% by the end of 2022.
The Bank's syndicated loans portfolio also rose to grow by 14.7%, with an estimated increase of EGP 6.6 bn after reaching EGP 51.3 bn at the end of December 2023, compared to EGP 44.7 bn at the end of December 2022.
The relative weight of syndicated loans declined despite the growth they achieved to account for 25% of total corporate loans by the end of last year, compared to a relative weight of 27% by the end of December 2022. CIB’s corporate sector has the lion share of total customer loans, rising to a relative weight of 77.3%, compared to a weight of 75.6% of total customer loans by the end of 2022.
As for the corporate deposits of the Bank, they rose by 16.7% over the past year after registering EGP 305.9 bn by the end of December 2023, compared to 262.2 bn by the end of 2022, with an increase of EGP 43.7 bn on an annual basis.
The Bank's corporate deposits portfolio accounted for a relative weight of 45.3% of the Bank's total customer deposit portfolio, amounted to approximately EGP 675.3 bn by the end of December last year, compared to EGP 530.1 bn by the end of 2022, with a growth rate of 27.4% and an increase of EGP 145.19 bn.
