CIB’s Resource Employment Rate rose to 71.95% by June 2024-End
First Bank
The separate financial statements of Commercial International Bank for the financial period ended June 30, revealed that the Bank's resource employment rate rose to 71.95% by the end of the first half of this year, compared to 70% by the end of 2023.
This indicator, launched by the Research Centre of First Bank, measures the employment rate of traditional resources (deposits + equity), in (loans + financial investments) of banks operating in the Egyptian banking sector.
The increase in the Bank's resource employment rate during the first half of 2024 reflects a relatively expansive "international trade" policy towards the employment of its resources during this period.
The Bank employed EGP 702.2 bn of its traditional resources, which recorded EGP 976 bn by the end of June 2024, in loans and financial investments, with EGP 329.5 bn for total customer loans, and EGP 372.7 bn for financial investments
While employing EGP 535 bn of its traditional resources, which recorded EGP 765.6 bn by the end of 2023 in both loans and financial investments, with EGP 270.8 bn for financial investments, and EGP 265.2 bn ] for total customer loans.
In terms of the distribution of traditional resources in CIB at the end of June 2024, the value of the deposit portfolio was EGP 857.7 bn, while equity recorded around EGP 118.2 bn.
As for the Bank's deposit employment ratio, it fell slightly to 38.41% by the end of June 2024, compared to 39.27% by the end of 2023.
While the deposit employment ratio for financial investments rose to 43.45% by the end of June 2024, compared to 40% by the end of 2023.
Despite the rise in CIB's resource employment rate during the first half of 2024, the index value of about 71.95% remained below the sector average, with the banking sector's employment index registering about 97% by the end of April 2024, according to the latest data of the Central Bank of Egypt.
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