CIB tops Banks on First Bank index of depositor confidence
First Bank
Commercial International Bank - Egypt tops First Bank index of depositor confidence in Q1 of this year, after its deposits portfolio jumped by EGP 117.10 bn, reaching EGP 792.41 bn by the end of March 2024, compared to EGP 675.31 bn by the end of December 2023, with a growth of 17.34% on a quarterly basis.
Due to its significant increase in the volume of its deposits, its portfolio jumped by 20.08% and an increase of EGP 74.19 bn during Q1 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 Q1 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.
CIB works to attract the largest number of customers within the banking sector, and thus; keen to develop digital services, improve customer experience, expand financial services, and innovate products
In addition, the Bank is keen to communicate and market, as it relies on effective marketing campaigns to reach potential customers, as well as continuous communication with existing customers through various media and social channels.
CIB achieved a strong performance in Q1 of this year, jumping its net profit by 96.4%, reaching EGP 11.9 bn in Q1 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.
The Bank's total customer loans jumped by EGP 47.7 bn in Q1 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.
To view the full list, Click More
