CIB’s resource employment rate rose to 73.40% by the end of March, 2024

The separate financial statements of Commercial International Bank, for the financial period ended March 31, revealed that the Bank's resource employment rate rose to 73.40% by the end of Q1 of this year, compared to 70% by the end of 2023.

This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.

The increase in the Bank's resource employment rate during Q1 of 2024 reflects a relatively expansion policy of CIB towards the employment of its resources during this period.

The Bank has employed EGP 655 bn of its traditional resources, which recorded EGP 892.3 bn by the end of March 2024, in loans and financial investments, with EGP 312.8 bn for total customer loans, and EGP 342.1 bn for financial investments.

This compared to employing EGP 535 bn of its traditional resources, which recorded EGP 765.6 bn by the end of 2023 in loans and financial investments, with EGP 270.8 bn for financial investments, and EGP 265.2 bn for total customer loans.

In terms of the distribution of CIB’s traditional resources at the end of March 2024, the value of the deposits portfolio was EGP 792.4 bn, while equity recorded around EGP 100 bn.

The Bank's deposits employment rate for granting loans rose slightly to 39.48% by the end of March 2024, compared to 39.27% by the end of 2023.

While Deposit employment rate for financial investments rose to 43.18% by the end of March 2024, compared to 40% by the end of 2023.

Although the Bank's resource employment index rose during Q1 of this year, it remained the lower than the average of the Egyptian banking sector, with the banking sector's employment index registering about 96.57% by the end of 2023, according to the latest data of the Central Bank of Egypt.

For more details about Commercial International Bank and its achievements, click more