CIB grows by 43.3% on First Bank composite growth index during H1- 2024

The separate financial statements of Commercial International Bank (CIB), which ended on June 30 of the current year, revealed that the bank achieved a composite growth rate of 43.34% during H1- 2024.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, all during the period from January to June 2024.

CIB managed to achieve positive results across all its sub-indicators constituting the First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 95.73%, recording EGP 27.68 bn during the first Half of 2024, compared to EGP 14.14 bn during the same period of 2023, with an increase of EGP 13.54 bn.

Total customer deposits were the second contributor to the growth of CIB, with a growth rate of 27.01% and an increase of approximately EGP 182.43 bn during the first Half of 2024, to record EGP 857.74 bn by the end of June 2024, compared to EGP 675.31 bn at the end of December 2023.

Total assets were the third contributor to this growth, it surged by 26.36% during the first 6 months of the current year, reaching EGP 1.05tn by the end of June 2024, compared to EGP 832.53 bn at the end of December 2023, an increase of EGP 219.45 bn.

Total customer loans increased by 24.27% during H1-2024, reaching EGP 329.45 bn by the end of June 2024, compared to EGP 265.10 bn at the end of December 2023, with an increase of EGP 64.35 bn.