CIB achieves strong performance in its financial Efficiency indicators during Q1- 2024
First Bank
Commercial international Bank has achieved progress in its financial efficiency indicators during the first quarter of the current year, The following analysis highlights bank's development in financial efficiency indicators during Q1-2024.
The separate financial statements of Commercial international Bank-CIB, ending on March 31 2024, revealed that the bank achieved an increase in return on average equity (ROE) of 12.56% during the first quarter of 2024, compared to 9.37% during the same period of 2023.
The return on average assets (ROA) of the bank reaching 1.32% during the first 3 months of the current year, compared to 0.92% during Q1 2023.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 96.04%, reaching EGP 11.95bn during Q1- 2024, compared to EGP 6.08bn during the same period in 2023, an increase of EGP 5.86bn.
In terms of earnings per share, the bank recorded a growth rate of 96.6% during the first 3 months of 2024, with the bank's share of net profits reaching about EGP 3.50per share during the 2023, compared to EGP 1.78 during Q1- 2023.
It is worth mentioning that the bank achieved a growth of 10.6% in its Equity portfolio during 2023, as it increased from EGP 90.30bn at the end of December 2023 to EGP 99.90bn at the end of March 2024 an increase of EGP 9.60bn.
