CIB records the fastest quarterly growth in its assets during Q1-2024
First Bank
Commercial International Bank achieved extraordinary growth during Q1 of this year, with its assets portfolio jumping nearly 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, recording the fastest quarterly growth in its net profits in 5 years.
In terms of growth rates in the past years, the Bank registered in Q1 of 2020, a decline of about 1.3% in its asset portfolio due to the negative consequences of the coronavirus pandemic declared a global pandemic during that period, while achieving about 4.7% growth during the same period of 2021.
As for its performance during the first 3M of 2022, CIB achieved an asset volume growth of 5.3%, while it recorded an increase of about 8% during the same period of 2023.
Overall, the Bank achieved a strong performance during Q1 of this year, jumping its net profit by 96.4%, reaching EGP 11.9 bn in Q1 of 2024, compared to EGP 6.1 bn in the same period of 2023, with an increase of EGP 5.86 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 EGP 3.5 per share in Q1 of 2024, compared to EGP 1.78 per share in the same period of 2023.
The customer deposit 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.
The bank's total customer loans jumped by EGP 47.7 bn in Q1 of this year, to EGP 312.8 bn by the end of March 2024, compared to EGP 265.1 bn by the end of 2023.
