CIB records highest annual increase in its deposits portfolio in 5 years
Mai El-Kafoury
Commercial International Bank - Egypt achieved a strong increase in its customer deposits portfolio in 2023, with its volume rising by EGP 145.2 bn over the past year, recording the highest annual increase over the past five years.
Following this, the Bank's customer deposits portfolio increased to EGP 675.3 bn by the end of 2023, compared to EGP 530.1 bn by the end of 2022, with growth of 27.39% on an annual basis.
Thanks to this growth, CIB's market share rose to 6.66% of total customer deposits of banking sector by the end of 2023, compared to 6.19% by the end of 2022, adding about 0.47% to its market share over the past year.
In terms of the values of the increase achieved over the past five years, the Bank's customer deposits portfolio has continued to rise during that period, rising by about EGP 19.1 bn in 2019, while rising by about EGP 35.6 bn in 2020.
The CIB-Egypt portfolio jumped by EGP 66 bn in 2021 and continued its strong increasing journey until the value of the increase surpassed EGP 124 bn in 2022.
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.
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.
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.
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 growth of 78.96% and an increase of EGP 3.79 per share.
The Bank's assets portfolio rose at a 31.4% 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.
Total customer loans jumped 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.
