CIB's corporate sector achieves significant growth during H1-2024
First Bank
CIB's corporate sector witnessed remarkable development and growth during the first half of 2024, thanks to the strong figures achieved by CIB during this period.
A record leap in corporate loans. Portfolio jumps 27% in 6M
Commercial International Bank (CIB) strengthened its loans for corporates during the first half of 2024, pushing the portfolio of corporate loans to grow by 27%, reaching EGP 260.4 bn by the end of June 2024, compared to EGP 205 bn by the end of 2023, with an increase of EGP 55.3 bn.
This strong performance was driven mainly by an increase in direct loans to the bank, which rose to EGP 124.5 bn by the end of the first half of 2024, compared to EGP 98.5 bn at the end of 2023, with a growth rate of 26.4% and an estimated increase of about EGP 26 bn.
Debit current accounts balances of corporates also increased from EGP 54.8 bn by the end of 2023, to EGP 69.6 bn by the end of the second quarter of 2024, with a growth of 26.97% and an increase of EGP 14.8 bn.
The Bank's syndicated loans portfolio rose by 27.7% in the first half of 2024, registering EGP 65.5 bn by the end of June, compared to EGP 51.3 bn by the end of 2023, with an increase of EGP 14.2 bn, while other loans recorded EGP 801.8 mn by the end of the same period.
CIB's corporate sector contributed 79.04% to the bank's total loans portfolio, which jumped to EGP 329.5 bn by the end of the second quarter of 2024, compared to EGP 265.1 bn by the end of 2023, with a growth of 24.27% and an increase of EGP 64.3 bn.
The corporate sector accounts for 43% of CIB's total deposit portfolio
Commercial International Bank's corporate deposit portfolio recorded strong growth during the first six months of this year, jumping to EGP 368.9 bn by the end of June 2024, compared to EGP 305.9 bn by the end of 2023, with a growth of 20 .6%, and an increase over EGP 63 bn.
The corporate sector accounted for about 43% of the Bank's total deposit portfolio, after CIB’s corporate deposit portfolio rose to EGP 857.7 bn by the end of the second quarter of 2024, compared to EGP 675.3 bn by the end of 2023, with a growth of 27% and an increase of EGP 182.4 bn.
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