CIB grows by 37.13% on First Bank composite growth index during Q1- 2024

The separate financial statements of Commercial International Bank (CIB), which ended on March 31 of the current year, revealed that the bank achieved a composite growth rate of 37.13% during Q1- 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to March 2024.

CIB managed to achieve positive results across all its sub-indicators constituting the First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of96.37%, recording EGP 11.95 bn during the first quarter of 2024, compared to EGP 6.08 bn during the same period of 2023, with an increase of EGP 5.86 bn.

Total customer loans were the second contributor to the growth of CIB, with a growth rate of 18% and an increase of approximately EGP 47.73 bn during the first quarter of 2024, to record EGP 312.83 bn by the end of March 2024, compared to EGP 265.10 bn at the end of December 2023.

Total customer deposits were the third contributor to this growth, it surged by 17.34% during the first 3 months of the current year, reaching EGP 792.41bn by the end of March 2024, compared to EGP 675.31 bn at the end of December 2023, an increase of EGP 117.10 bn.

Total assets increased by 16.80% during Q1-2024, reaching EGP 972.36 bn by the end of March 2024, compared to EGP 832.53 bn at the end of December 2023, with an increase of EGP 139.83 bn.