CIB tops Listed Banks in Capital Adequacy ratio by the end of June 2024
First Bank
Commercial International Bank tops its First Bank list of Listed Banks in Capital Adequacy ratio by the end of the first half of this year, after registering its capital adequacy standard of 26.2% by the end of June 2024, ahead of its third position in 2023, reflecting the bank's strong ability to meet its commitments and face any future losses.
CIB has strong financial safety indicators, with the leverage ratio, which reflects the relationship between the first tier of capital used in the capital adequacy standard (after deductions), and the Bank's assets amounted to 9.5% by the end of the first half of 2024, exceeding the control limit set by the Central Bank of Egypt in accordance with Basel's decisions of 3%.
The Bank performed strongly during the first half of this year, jumping its net profit 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, bringing the fastest quarterly growth rate over the last five years.
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 jumped 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 rose 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.
The Bank's asset portfolio rose 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.
Its customer deposits portfolio jumped by 27%, reaching EGP 857.7 bn by the end of June 2024, compared to EGP 675.3 bn by the end of 2023, an increase of EGP 182.4 bn, recording the fastest annual growth in 5 years. Total customer loans rose to EGP 329.451 bn by the end of the first half of this year, compared to EGP 265.103 bn by the end of 2023, with a growth of 24.27% and an increase of EGP 64.348 bn, marking the fastest quarterly growth in 5 years. To view the full list, click more
