CIB Records Highest Annual Increase in its Assets Portfolio in 5 Years
First Bank
Commercial International Bank - Egypt has managed to achieve a strong increase in its assets portfolio over the past year, with its volume rising by EGP 198.88 bn in 2023, recording the highest increase, and the largest annual growth rate in the past five years.
The assets portfolio of the Bank jumped to EGP 832.5 bn by the end of 2023, compared to EGP 633.6 bn by the end of 2022, with a growth of 31.39% on an annual basis.
Thanks to this growth, CIB's market share rose to 5.86% of total banking assets by the end of 2023, compared to 5.56% by the end of 2022, adding about 0.30% 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 assets portfolio has continued to rise over that period, increasing by about EGP 44.3 bn in 2019, while rising by about EGP 39.4 bn in 2020.
CIB's assets portfolio jumped by EGP 70.5 bn in 2021, and continued its strong journey until it became close to the value of the EGP 137 bn increase in 2022.
The main indicators of CIB 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 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. 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 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.
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.
Customer deposits portfolio climbed 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.
