CIB deepens gap with QNB in deposit market to EGP 221.26 bn by June 2024-End

A recent monitoring by First Bank revealed the widening gap between Commercial International Bank and Qatar National Bank in Deposit Market, reaching EGP 221.26 bn by the end of June 2024, marking an all-time high.

CIB's continued excellence in the deposit market is a strong indicator of its ability to innovate and exploit opportunities in the Egyptian banking market. This outstanding performance enhances the Bank's position as the largest private sector bank in Egypt, making it a key player in setting competition standards in the banking sector. In addition, this superiority poses significant challenges for its competitors, notably Qatar National Bank.

Monitoring showed accelerated growth in the gap between the two Banks over the past five years, rising from EGP 95.4 bn in 2019, to EGP 106.2 bn in 2020.

The gap between the two Banks continued to increase to EGP 109.9 bn in 2021, then EGP 123.1 bn in 2022, up to EGP 145.2 bn by the end of 2023.

CIB’s customer Deposits portfolio experienced a strong performance during the first half of this year, jumping by about 27%, reaching EGP 857.7 bn by the end of June 2024, compared to EGP 675.3 bn by the end of 2023, with an increase of EGP 182.4 bn, marking the fastest quarterly growth in 5 years.

As for QNB's deposit portfolio, it rose at a lower pace than CIB, rising by 20.06% and an increase of EGP 106.36 bn during the first half of this year, registering EGP 636.48 bn by the end of June 2024, compared to 530.12 bn by the end of December 2023.

Overall, CIB achieved significant performance this year, with 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 of 2023, with an increase of EGP 13.54 bn.

The Bank's pre-tax profits jumped to EGP 38.6 bn in the first half of 2024, compared to EGP 20.1 bn in the same period from 2023, with a growth of 91.58% and an increase of EGP 18.4 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 six months 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.

The Bank’s 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

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