CIB achieves significant performance in loans during 2024

Commercial International Bank - Egypt "CIB" achieved strong and exceptional financial performance during the current year, as thoughtful fiscal policies contributed to boosting loans rates and achieving unprecedented growth ratios

This was revealed by a new monitoring conducted by First Bank, where the Bank's total loans to customers rose to EGP 329.45 bn by the end of the first half of this year, compared to EGP 265.1 bn by the end of 2023, with a growth of 24.27% and an increase of EGP 64.348 bn, marking the fastest quarterly growth in the last decade.

Thanks to this record growth, the Bank was able to lead the First Bank Credit Competitiveness Index of listed banks in the first half of 2024, while the biggest advantage was to take the top of private banks on the loan portfolio level, outperforming QNB, which ranked first on the sector's loans market until the end of March 2024, highlighting the success of its expansion strategy in the credit sector.

Due to its remarkable success in corporate loans, its portfolio of corporate loans rose 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 his portfolio of retail loans crossed 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.

In terms of growth rates in total customer loans over the past years, the Bank recorded growth of about 15.02% in the first half of 2023, while rising about 16.60% in the same period in 2022

CIB grew by 9.20% during the first half of 2021 in total customer loans, while recorded growth of 1.62%, 2.66% during the same period in 2020 and 2019 respectively

It recorded growth in its portfolio of total customer loans of about 17% in the first half of 2018, and about 6.53% in the same period of 2017

As for the growth of its loan volume for customers during the first six months of 2016, it rose by 7.79%, while it increased by 11.78% during the same period in 2015.

Overall, CIB recorded a strong performance during the first half of this year, with net profits jumping 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, an increase of EGP 13.54 bn, achieving the fastest quarterly growth rate in the last five years.

For more information about CIB and its achievements, click here