CIB tops fastest-growing listed banks in financial investments during 9M-2024

Commercial International Bank has significantly boosted its financial investments this year as its total financial investment jumped by 36.67% to reach EGP 369.208 bn by the end of September 2024, compared to EGP 270.138 bn by the end of 2023, an increase beyond EGP 99 bn, Topping this is First Bank's list of the fastest growing listed banks in total financial investments and treasury bills during the first 9 months of 2024.

The significant increases in the Bank's total financial investments are due mainly to the substantial increase in the Bank's expendable financial investments, rising by about 282.33% during the first 9 months of this year, to EGP 144.7 bn by the end of September 2024, compared to EGP 37.847 bn by the end of 2023.

The Bank's equitable financial investments through other universal income recorded EGP 222.440 bn by the end of September 2024, while its equitable financial investments through profits and losses amounted to EGP 2.1 bn by the end of the same period.

Overall, CIB achieved a strong performance this year, jumping its net profit by 95.8%, registering EGP 42.6 bn in the first 9 months of 2024, compared to EGP 21.7 bn in the same period from 2023, with an increase of EGP 20.8 bn.

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

Net fees and commissions income rose from EGP 3.95 bn in the first 9 months of 2023, to EGP 5.208 bn in the first 9 months of 2024, with a growth rate of 31.85%.

Regarding the bank's financial position, the asset portfolio rose to EGP 1.114 trillion by the end of September 2024, compared to EGP 832.527 bn by the end of December 2023, a growth of 33.89%.

Customer deposit portfolio rose by 32.78% in the first 9 months of this year, reaching EGP 896.692 bn by the end of September 2024, compared to EGP 675.31 bn by the end of December 2023, 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 this year, registering EGP 349.808 bn by the end of June 2024, compared to EGP 265.103 bn by the end of 2023, a growth of 31.95%.

To view the full list. Click here.