Greater Cairo Tops CIB's Geographical Sectors in Net Profits during H1-2024

The Commercial International Bank (CIB) has achieved record profits during the first half of this year, with its net profits jumping from EGP14.1bn in the first half of 2023 to EGP27.7bn during the same period in 2024, representing a growth rate of 95.73% and an increase of EGP13.54 bn, recording the fastest quarterly growth in the last decade.

Analyzing the geographic sectors of the bank's net profits, we found that Greater Cairo was the most successful in generating net profits during the first 6 months of the current year, reaching EGP24bn in the first half of 2024, compared to EGP11.6bn during the same period in 2023, showing a growth rate of 107.56% and an increase of EGP12.5bn. Greater Cairo accounted for the vast majority of CIB's net profits, making up 86.85% during the first half of 2024.

Net profits from Alexandria, Delta, and Sinai, they increased by approximately 31.82%, reaching EGP2.9bn during the first half of 2024, compared to EGP2.2bn during the same period in 2023, with an increase of EGP703mn.

Alexandria region accounted for 10.52% of CIB's net profits during the first half of 2024.

Meanwhile, net profits from the Upper Egypt regions saw the fastest growth, jumping by 107.58% to reach EGP727.3mn during the first half of 2024, compared to EGP350.3mn during the same period in 2023, with an increase of EGP376.9 mn. Upper Egypt regions contributed to a very small percentage of the Commercial International Bank's net profits, accounting for only 2.63% during the first half of 2024.

It is worth noting that CIB owns a wide network of branches, totaling 209 branches and banking units At the end of June 2024.