CIB tops First Bank Index of Depositors' Confidence in Listed Banks during Q1- 2024
First Bank
Commercial International Bank leads the First Bank Depositors' Confidence in Listed Banks during the first quarter of this year, after its deposits portfolio jumped by EGP 117.1 bn to EGP 792.4 bn by the end of March 2024, compared to EGP 675.3 bn by the end of 2023.
Due to its significant increase in the volume of its retail deposits, its portfolio jumped by 20.08% and an increase of EGP 74.19 bn during the first quarter of this year, reaching EGP 443.56 bn by the end of March 2024, compared to EGP 369.37 bn by the end of 2023.
Corporate deposit portfolio jumped by 14.03% and an increase of EGP 42.91 bn during the first quarter of this year, after registering EGP 348.85 bn by the end of March 2024, compared to EGP 305.94 bn by the end of 2023.
The Bank achieved a strong performance 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.
The main share in the Bank's profit jumped by 96.6% to EGP 3.5 per share in the first quarter of 2024, compared to EGP 1.78 per share in the same period from 2023.
Net interest income rose to EGP 18.76 bn in the first quarter 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 the first quarter of 2023 to EGP 1.6 bn in the same period this year, with a growth rate of about 29.13%.
At the level of the Bank's financial position, its assets portfolio rose by almost 16.80% in the first quarter 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, bringing about the fastest quarterly growth in its net profit in 5 years.
The bank's total customer loans jumped by EGP 47.7 bn in the first quarter 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.
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