CIB deepens gap with QNB Al-Ahly in deposits market to EGP 145.2 bn

A recent monitoring by First Bank showed the continuation of CIB's leading of private sector banks in terms of customer deposits, with a portfolio of EGP 675.3 bn by the end of 2023, while QNB Al-Ahly ranked second after its portfolio reached EGP 530.1 bn by the end of the same year, which brings us to ask about the future of competition between these banks in the coming years. Will QNB Al-Ahly take the top of the private sector instead of CIB?

To answer this question, 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 95.4 bn during 2019, and then reached EGP 106.2 bn during the 2020.

The gap between the two banks continued to increase to EGP 109.9 bn in 2021, and reached EGP 123.1 bn in 2022.

Furthermore, it continued to widen to reach its highest level by recording EGP 145.2 bn by the end of 2023.

This strongly negates that QNB Al-Ahly can clinch the title of the largest private sector bank in Egypt in terms of at least the size of its customer deposit portfolio over the next three years.

CIB’s customer deposits portfolio recorded a strong performance over the past year, rising 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.

This strong and extraordinary performance prompted Commercial International Bank to top FirstBank Index of Depositors' confidence in listed banks by the end of December. You can see the full Index by clicking here

Qatar Al-Ahly customers' deposit portfolio rose to EGP 530.1 bn by the end of 2023, compared to EGP 407.1 bn by the end of 2022, with an increase above EGP 123 bn.

CIB achieved a record year in 2023, which is reflected in all of the Bank's financial indicators, with net profits jumping by about 78%, reaching EGP 28.8 bn last year, 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.

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, recording EGP 52.7 bn in 2023, compared to EGP 30.8 bn in 2022, with an increase of EGP 21.9 bn.

The main share in the Bank's profits jumped to EGP 8.59 per share during the past year, 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 by 31 39%, reaching 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.

The Bank's total customer loans rose by 46.47 last 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.