CIB tops listed Banks on First Bank index of depositor confidence
First Bank
CIB - Egypt leads First Bank index of depositor confidence during H1 of this year, after its deposits portfolio jumped by EGP 182.4 bn, reaching EGP 857.7 bn by the end of June 2024, compared to EGP 675.3 bn by the end of 2023, leading the First Bank Deposit Confidence Index for listed banks by the end of June.
This significant performance not only led the Bank to top the First Bank index of depositor confidence, but also enabled it to record the highest quarterly growth rate of the last decade.
This is due to the significantly higher volume of retail deposits, with its portfolio jumping by 32.33% during the first half of this year, reaching EGP 488.8 bn by the end of June 2024, compared to EGP 369.4 bn by the end of 2023, representing an increase of EGP 119.4 bn.
The corporate deposit portfolio jumped by about 20.6% in the first six months of this year, to reach EGP 369 bn by the end of June 2024, compared to EGP 306 bn by the end of 2023, with an increase of over EGP 63 bn.
CIB works to attract the largest number of customers within the banking sector, and thus; keen to develop digital services, improve customer experience, expand financial services, and innovate products.
In addition, it is keen to communicate and market, as it relies on effective marketing campaigns to reach potential customers, as well as continuous communication with existing customers through various media and social channels
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 in the same period in 2023, with an increase of EGP 13.54 bn, achieving the fastest quarterly growth rate over the past 10 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.
