CIB’s Net profits jump by 96.35%, recording EGP 11.9 bn in Q1-2024
First Bank
CIB's separate business results for the period ended March 31, 2024, announced just ago on its official website, revealed that the bank's net profit rose by 96.35%, reaching EGP 11.946 bn during Q1 of this year, compared to EGP 6.084 bn during the same period from 2023, with an increase of EGP 5.862 bn.
Profits before income taxes jumped by 93%, reaching EGP 17.507 bn in Q1 of 2024, compared to EGP 9.071 bn during the same period of 2023, with an increase of EGP 8.436 bn.
Net interest income rose to EGP 18.76 bn in Q1 of this year, compared to EGP 10.832 bn in the same period from 2023, with a growth of 73.19% and an increase of EGP 7.928 bn.
Net fees and commissions income rose from EGP 1.212 bn in Q1 of 2023, to EGP 1.565 bn during the same period this year, with a growth rate of about 29.13%.
The main share in the bank's profits jumped by 96.63% to EGP 3.5 per share in Q1 of 2024, compared to EGP 1.78 per share in the same period from 2023.
Regarding the bank's financial position, the assets portfolio rose by about 16.80% in Q1 of this year, reaching EGP 972.359 bn by the end of March 2024, compared to EGP 832.527 bn by the end of 2023, with an increase of EGP 139.832 bn.
The customer deposits portfolio rose to EGP 792.409 bn by the end of March 2024, from EGP 675.31 bn by the end of 2023, with a growth of 17.34% and an increase of EGP 117.099 bn.
The bank's total customer loans jumped by EGP 47.728 bn in Q1 of this year, to EGP 312.831 bn by the end of March 2024, compared to EGP 265.103 bn by the end of 2023.
