After its deposits rose by 27% in H1- 2024, CIB records the fastest quarterly growth in 5 Years
First Bank
Commercial International Bank achieved significant growth in its customer deposits portfolio 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, recording the fastest quarterly growth in 5 years.
In terms of growth rates in the past years, the Bank achieved growth of about 23.82% during the first half of 2023 in its customer deposits portfolio, while it increased by about 5.28% during the same period in 2022.
CIB grew by 13.19% in the first half of 2021 in the volume of its deposits, while it recorded growth of about 4.75% in the same period of 2020
Since the beginning of this year, CIB has recorded record growth, as reflected in all of the Bank's financial indicators. Its net profit jumped by 95.73% to EGP 27.7 bn in the first half of 2024, compared to EGP 14.1 bn during the same period in 2023, with an increase of EGP 13.54 bn. with the fastest quarterly growth rate in the last five years.
Its 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, 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, 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.
