CIB Tops listed banks on First Bank's Credit Competitiveness Index

Commercial International Bank (CIB) Egypt achieved strong increases in total customer loans over the past year, jumping its portfolio by EGP 46.5 bn, registering EGP 265.1 bn by the end of last year, compared to EGP 218.6 bn by the end of 2022, with a growth of 21.26% on an annual basis, leading the First Bank's credit competitiveness index of listed banks last year.

This is due to a rise in corporate loans to EGP 205 bn by the end of 2023, compared to EGP 165.3 bn by the end of 2022, with growth of 24.01% and an increase of EGP 39.7 bn.

CIB’s loans of the retail banking sector rose by 12.72% over the past year, reaching EGP 60 bn by the end of 2023, compared to EGP 53.3 bn by the end of 2022, with an estimated increase of EGP 6.8 bn.

The main indicators of CIB - Egypt recorded a strong performance over the past year, with the Bank's net profits jumping by 78.4%, reaching EGP 28.8 bn in 2023, compared to EGP 16.1 bn in 2022, with an increase of EGP 12.6 bn.

The Bank's assets portfolio rose at a 31.4% growth rate 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.

The size of the bank's customer deposit portfolio was EGP 675.3 bn by the end of December, compared to EGP 530.1 bn by the end of 2022, rising at a growth rate of 27.4% and an increase of EGP 145.2 bn on an annual basis.

CIB’s net profits jumped by about 78 .4%, 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 growth in net profits in 5 years.

The share in the Bank's profit rose in 2023 to EGP 8.59 per share, compared to EGP 4.8 per share in 2022, with a growth of 78.96%, and an increase of EGP 3.79 per share.

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