CIB’s Net profits jump by 95.83%, recording EGP 42.557 bn during 9M- 2024

CIB's separate financial statements for the period ended September  30, 2024, announced on its official website, revealed that the bank's net profit rose by 95.83%, reaching EGP 42.557 bn during the first 9 Months of 2024, compared to EGP 21.732 bn during the same period from 2023, with an increase of EGP 20.825 bn.

Profits before income taxes jumped by 91.89%, reaching EGP 58.874 bn during the first 9 Months of 2024, compared to EGP 30.681 bn during the same period of 2023, with an increase of EGP 28.193 bn.

Net interest income rose to  EGP 65.526 billion pounds during the first 9 months of 2024, compared to  EGP 37.587 billion pounds in the same period of 2023, a growth rate of 74.33%, and an increase of  EGP 27.939 billion pounds.

Net fee and commission income rose from  EGP 3.95 billion pounds in the first 9 months of 2023, to EGP 5.208 billion pounds in the first 9 months of 2024, with a growth rate of 31.85%.

Regarding the bank's financial position, the assets portfolio rose by 33.89% iduring the first 9 Months of this year, reaching EGP 1.114 tn by the end of September 2024, compared to EGP 832.527 bn by the end of 2023.

The customer deposits portfolio rose to EGP 896.692 bn by the end of September 2024, from EGP 675.31 bn by the end of 2023, with a growth of 32.78% and an increase of EGP 221.382 bn.

The bank's total customer loans jumped by EGP 84.705 bn during the first 9 Months of 2024, to EGP 349.808 bn by the end of September 2024, compared to EGP 265.103 bn by the end of 2023.