CIB’s net profits jump by 96.4% during Q1-2024, recording the fastest quarterly growth in 5 years
First Bank
Commercial International Bank managed to achieve exceptional growth during Q1 of this year, jumping its net profits by 96.4%, reaching EGP 11.9 bn during Q1 of 2024, compared to EGP 6.1 bn in the same period of 2023, with an increase of EGP 5.86 bn, recording the fastest quarterly growth in its net profit in 5 years.
In terms of growth rates in the past years, the Bank registered during Q1 of 2020 a decline of about 9.5% in its net profits due to the negative consequences of the coronavirus pandemic declared a global pandemic during that period, while achieving growth of about 20.3% during the same period in 2021.
As for its performance during the first 3M of 2022, CIB achieved a net profits growth of 47.4%, while it registered an increase of about 43.5% during the same period of 2023.
Overall, CIB achieved a strong performance during Q1 of this year, increasing its assets portfolio by 16.80% in Q1 of this year, reaching EGP 972.4 bn by the end of March 2024, compared to EGP 832.5 bn by the end of 2023, with an increase of EGP 139.8 bn.
The bank's total customer loans jumped by EGP 47.7 bn during Q1 of this year, recording EGP 312.8 bn by the end of March 2024, compared to EGP 265.1 bn by the end of 2023.
Profit before income taxes jumped by 93%, reaching EGP 17.5 bn in Q1 of 2024, compared to EGP 9.1 bn during the same period of 2023, with an increase of EGP 8.4 bn.
Net interest income rose to EGP 18.76 bn in Q1 of this year, compared to EGP 10.8 bn in the same period from 2023, with a growth of 73.19% and an increase of EGP 7.9 bn.
Net fees and commissions income rose from EGP 1.2 bn in Q1 of 2023, to EGP 1.6 bn in the same period this year, with a growth rate of about 29.13%.
The main share in the Bank's profits jumped by 96.6% to reach EGP 3.5 per share during Q1 of 2024, compared to EGP 1.78 per share in the same period from 2023. The customer deposits portfolio rose to EGP 792.4 bn by the end of March 2024, from EGP 675.3 bn by the end of 2023, with a growth of 17.34% and an increase of EGP 117.1 bn.
For more about Commercial International Bank and its achievements, click more
