CIB’s profits jumps by 95.7% in H1-2024, recording the fastest quarterly growth in 5 years
First Bank
Commercial International Bank succeeded in achieving record growth in net profits, rising by 95.73% to EGP 27.7 bn in the first half of 2024, compared to EGP 14.1 bn in the same period in 2023, with an increase of EGP 13.54 bn, recording the fastest quarterly growth rate over the last five years.
Given the growth rates in previous years, the Bank's net profit fell 6.65% in the first half of 2020 due to the effects of the coronavirus pandemic, which was declared a global pandemic at that time, while the Bank recorded 21.5% growth during the same period in 2021.
As for its performance during the first 6M of 2022, CIB achieved a net profit growth of 27.9%, while it registered an increase of 81.93% during the same period of 2023.
Overall, the Bank achieved a strong performance during the first half of this year, jumping its asset portfolio by 26.36%, to EGP 1.05 trillion by the end of June 2024, up from EGP 832.5 bn by the end of 2023.
CIB’s customer deposits portfolio jumped from EGP 675.31 bn by the end of 2023, to EGP 857.7 bn by the end of June 2024, with an increase of EGP 1 82.4 bn.
Total customer loans rose to EGP 329.5 bn by the end of the first half of 2024, compared to EGP 265.1 bn by the end of 2023.
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.
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