CIB Tops listed banks on First Bank credit competitiveness index

CIB - Egypt achieved strong increases in total customer loans during this year, jumping its portfolio by EGP 64.3 bn, reaching EGP 329.5 bn by the end of June 2024, compared to EGP 265.1 bn by the end of 2023, leading the First Bank's credit competitiveness index in listed banks during the first half of 2024.

This strong performance not only led the bank to top the index, but also enabled it to register the highest quarterly growth rate in 5 years, while the strongest superiority was to take the top of private banks on the loan portfolio level, outperforming QNB, which was on the top of the sector's loans market until the end of March 2024.

This is due to its remarkable outperformance in corporate loans, as evidenced by its portfolio of corporate loans rising to EGP 260.4 bn by the end of June 2024, compared to EGP 205 bn by the end of 2023, with a growth of 27% and an increase of EGP 55.3 bn.

Its outstanding performance in the retail banking sector also played a role, as its portfolio of retail loans exceeded EGP 69 bn by the end of June 2024, compared to EGP 60 bn by the end of 2023, with a growth rate of 15%, and an increase close to EGP 9 bn.

CIB 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, with a growth of 33.27% and an increase of EGP 848.7 mn.

The 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 of 2023.

The bank's asset portfolio rose nearly 26.36% in the first 6M 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, with an increase of EGP 182.4 bn, marking the fastest quarterly growth in 5 years.

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