CIB's corporate sector records significant performance during Q1-2024

CIB's corporate sector experienced remarkable development and growth during Q1 of 2024, reflected in the Bank's strong figures during this period.

The Bank's corporate loans jumped by 20.8% in Q1 of this year, reaching 247.6 billion pounds by the end of March 2024, compared to EGP 205 bn by the end of 2023, with an increase of EGP 42.6 bn.

This strong performance was driven mainly by the rise in debt current accounts balance of corporates to EGP 62.2 bn by the end of March 2024, from EGP 54.8 bn by the end of 2023, with an increase of EGP 7.3 bn.

The direct loans portfolio also increased by 19.3% in Q1 of this year, reaching EGP 117.5 bn by the end of March 2024, compared to EGP 98.5 bn by the end of 2023.

The bank's syndicated loans portfolio rose by 31%, reaching EGP 67.2 bn by the end of the first quarter of this year, compared to EGP 51.3 bn by the end of 2023, with an increase of EGP 15.9 bn, while other loans recorded EGP 752 mn by the end of the same period.

CIB's corporate sector contributed 79.15% to the bank's total loans portfolio, which jumped to EGP 312.8 bn by the end of March 2024, compared to EGP 265.1 bn by the end of 2023, with a growth of 18% and an increase of EGP 47.7 bn.

The bank's corporate deposits rose from EGP 305.9 bn by the end of 2023, to EGP 348.8 bn by the end of March 2024, with a growth of 14% and an increase of EGP 42.9 bn.

The corporate sector accounted for about 44.02% of the Bank's total deposit portfolio, after the the Bank's corporate deposits portfolio rose to EGP 792.4 bn by the end of March 2024, compared to EGP 67.5 bn by the end of 2023, with a growth rate of 17.3% and an increase of EGP 117.1 bn.

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