CIB top Listed Banks in Capital Adequacy ratio
First Bank
Commercial International Bank (CIB) tops First Bank list of the best listed banks in the capital adequacy ratio by the end of last year, after registering its capital adequacy ratio of 25.20% by the end of March 2024, up from ranking third in 2023 on the same list, reflecting the bank's strong ability to meet its commitments and face any future losses.
The Bank has strong financial soundness indicators as the leverage ratio, which reflects the relationship between the first tranche of capital used in the capital adequacy criterion, and the bank's assets, recorded 8.7% by the end of Q1 of this year, exceeding the control limit set by the Central Bank of Egypt in accordance with Basel's decisions of 3%.
CIB performed strongly in the first quarter of this year, jumping its net profit by 96.4%, reaching EGP 11.9 bn in the first quarter 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 profit 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 from 2023.
Its assets portfolio rose by 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 profit in 5 years.
Customer deposits 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 record EGP 312.8 bn by the end of March 2024, compared to EGP 265.1 bn by the end of 2023.
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