CIB clinches private sector’s largest Bank in loans title from QNB by the end of June, 2024

The separate financial statements of Commercial International Bank revealed that the Bank was able to take the lead of private banks on the level of the loans portfolio, outperforming Qatar National Bank, which was on the top of the sector's loans market until the end of March 2024.

CIB is officially the largest private sector Bank in Egypt at the level of all major portfolios of assets, deposits and loans, after it was the largest in both asset and deposit portfolios only, while Qatar National Bank held the lead of the loans portfolio at the level of private sector Banks.

Our website, First Bank, published a report that monitored the declining of the gap between CIB and QNB in the loans market notably last January, entitled "CIB is a step away from clinching the title of largest private sector Bank in loans" You can see the full analysis here.

CIB’s total customer loans jumped to EGP 329.451 bn by the end of the first half of this year, compared to EGP 265.103 bn by the end of 2023, with a growth of 24.27% and an increase of EGP 64.348 bn, recording the fastest quarterly growth in 5 years.

QNB's total customer loans rose by 20.1% and increased by EGP 53.9 bn during the first half of this year, to EGP 322.5 bn by the end of June 2024, compared to EGP 268.6 bn by the end of December 2023.

Overall, CIB records significant performance this year, with net profits rising by 95.73%, to EGP 27.683 bn in the first half of 2024, compared to EGP 14.143 bn in the same period of 2023, with an increase of EGP 13.54 bn.

The Bank's pre-tax profits jumped to EGP 38.559 bn in the first half of 2024, compared to EGP 20.127 bn in the same period from 2023, with a growth of 91.58% and an increase of EGP 18.432 bn.

Net interest income rose by 74.19%, reaching EGP 41.44 bn during the first half of 2024, compared to EGP 23.79 bn during the same period in 2023.

Net fees and commissions income rose to EGP 3.4 bn during the first half of this year, compared to EGP 2.6 bn during the same period in 2023, with a growth of 33.27% and an increase of EGP 848.7 mn. The main share in the Bank's profits jumped by 94.16% to EGP 7.98 per share in the first half of 2024, compared to EGP 4.11 per share in the same period from 2023.

In terms of the Bank's financial position, the asset portfolio rose by nearly 26.36% in the first 6M of this year, to EGP 1.05 trillion by the end of June 2024, up from EGP 832.527 bn by the end of the year 2023.

CIB's customer deposit portfolio jumped from EGP 675.31 bn by the end of 2023, to EGP 857.741 bn by the end of June 2024, with an increase of EGP 182.431 bn.

For more about the Commercial International Bank and its achievements, click more