Increase in CIB's Market Share in the Loans and Deposits Markets
First Bank
Commercial International Bank - Egypt has been able to increase its market share in assets and deposits in 2023, driven by the significant growth it has achieved in its portfolios, thus continuing its significant performance in the Egyptian banking market.
This was revealed by a recent monitoring by First Bank of the development of market shares of CIB, as the Bank's share in the deposit market rose to 6.64% of total banking sector deposits by the end of 2023, compared to 6.18% by the end of 2022, adding about 0.47% to its share in this market.
This increase is due to the Bank's success in increasing its share in the family sector market to 6.33% of total family sector deposits in the banking sector by the end of 2023, compared to 5.25% by the end of 2022.
It also managed to raise its share in the asset market to 5.86% of total banking assets by the end of 2023, compared to 5.56% by the end of 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 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% during 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.
The main share in the Bank's profits in 2023 jumped 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.
Internet banking's customer base rose to 1.5 mn users by the end of 2023, with a growth of 15% on an annual basis.
Mobile app transactions increased at an annual rate of 17%, reaching 13.3 mn transactions with a total value of EGP 348 bn by the end of 2023.
The Bank's assets portfolio rose at a 31.4% rate during the past year, recording 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 customers 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.
