CIB takes the Top of Private Sector Banks in Egypt Away, increasing the gap with QNB Al Ahli to EGP 212 bn

A recent monitoring conducted by the website "First Bank" revealed that the Commercial International Bank continued to top private sector banks in terms of the volume of assets with a portfolio size of EGP 832.5 bn by the end of 2023, while QNB Al Ahli ranked second after its portfolio recorded EGP 620.5 bn by the end of the same year, which raises the question regarding the future of the competition between these banks in the coming years. Will QNB Al Ahli take the top of the private sector Banks instead of CIB?

To answer these questions, we tracked the performance of the two banks for the last 5 years, and we found that the gap between them deepened continuously and increased. The gap between the two banks recorded EGP 117.8 bn during 2019, and then reached EGP 140.7 bn during 2020.

The gap between the two banks continued to increase EGP 142.5 bn in 2021, rising further in 2022, reaching EGP 156.9 bn by the end of the year.

The gap between CIB and QNB Al Ahli continued to widen until it reached the highest increase of EGP 212 bn by the end of 2023.

This strongly negates the possibility of QNB Al Ahli clinching the title of Egypt's largest private sector bank in terms of at least the volume of assets over the next three years. 

CIB's assets grew sharply over the past year, rising by about 31 39%, to reach EGP 832.5 bn by the end of 2023, compared to EGP 633.6 bn by the end of 2022, with an increase of EGP 198.9 bn, recording the highest growth rate and the largest annual increase in 5 years.

While QNB Al Ahli's assets portfolio increased over the past year by about EGP 143.7 bn, reaching EGP 620.5 bn by the end of 2023, compared to EGP 476.8 bn by the end of 2022. CIB achieved a record year over the past year, as reflected in all of the Bank's financial indicators. Its net profits jumped 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, bringing the fastest annual growth in net profits during 5 years.

Net interest income rose by 71.1% over the past year, to record 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 main share 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.

Customer deposits portfolio increased 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.

The Bank’s total customer loans 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% on an annual basis.