CIB achieves strong performance in its financial Efficiency indicators during H1- 2024
First Bank
Commercial international Bank has achieved progress in its financial efficiency indicators during the first Half of the current year, The following analysis highlights bank's development in financial efficiency indicators during H1-2024.
The separate financial statements of Commercial international Bank-CIB, ending on June 30 2024, revealed that the bank achieved an increase in return on average equity (ROE) of 26.55% during the first half of 2024, compared to 20.67% during the same period of 2023.
The return on average assets (ROA) of the bank reaching 2.94% during the first 6 months of the current year, compared to 1.98% during H1 2023.
The main reason for the increase in ROE and ROA is the bank's net profits increase with a growth rate of 95.72%, reaching EGP 27.68bn during H1- 2024, compared to EGP 14.14bn during the same period in 2023, an increase of EGP 13.54bn.
In terms of earnings per share, the bank recorded a growth rate of 94.23% during the first 6 months of 2024, with the bank's share of net profits reaching about EGP 8.08per share during the 2023, compared to EGP 4.16 during H1- 2023.
It is worth mentioning that the bank achieved a growth of 30.91% in its Equity portfolio during H1- 2024, as it increased from EGP 90.30bn at the end of December 2023 to EGP 118.21bn at the end of June 2024 an increase of EGP 27.91bn.
