CIB tops the Fastest-Growing listed Banks in Financial Investments during H1-2024
First Bank
Commercial International Bank has significantly boosted its financial investments this year, which was reflected in the notable growth of its portfolio as total financial investment jumped by 37.97% to reach EGP 372.7 bn by the end of June 2024, compared to EGP 270.1 bn by the end of 2023, with an increase of EGP 102.6 bn, Leading First Bank list of the fastest growing banks in total financial investments during the first half of this year.
The substantial increases in the Bank's total financial investments are due mainly to the significant increase in the Bank's financial investments at Amortized cost, rising by about 187.04% during the first half of this year, to reach EGP 108.6 bn by the end of June 2024, compared to EGP 37.8 bn by the end of 2023.
By the end of June 2024, the Bank's financial investments at Fair Value through OCI rose to EGP 263.9 bn, compared to EGP 232.3 bn by the end of 2023, with a growth rate of 13.61%, and the financial investments at Fair Value through P&L amounted to EGP 172.7 mn by the end of the same period.
Overall, CIB achieved a strong performance during this year, with net profits jumping 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.
Its assets 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, after EGP 832.527 bn by the end of the year 2023
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.
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