CIB tops the best listed banks on First Bank credit competitiveness index

Commercial International Bank - Egypt achieved strong growth in total customer loans during the first 9 months of this year. Its portfolio rose 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, with a growth of 31.95%, leading the First Bank credit competitiveness index. 

The Bank's strong performance was not only topped by the First Bank Index, but also contributed to the highest quarterly growth rate in the last decade.

This is due to its remarkable outperformance in corporate loans, as reflected in its portfolio of corporate loans rising to EGP 274.928 bn by the end of September 2024, compared to EGP 205.038 bn by the end of 2023, with a growth of 34.09% and an increase of EGP 69.89 bn.

Its outstanding performance in the retail banking sector also played a role, with his portfolio of retail loans rising by 24.67% in the first 9 months of 2024, reaching EGP 74.88 bn by the end of September, compared to EGP 60.064 bn by the end of 2023, an increase of EGP 14.816 bn.

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 EGP 31.85%.

Customer deposit portfolio jumped 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, with an increase of EGP 221.382 bn.

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