CIB tops listed banks on the First Bank Depositor Confidence Index during 9M-2024
Commercial International Bank has achieved remarkable growth in its customer deposits, with its portfolio jumping by 32.78% in the first 9 months of this year, reaching EGP 896.7 bn by the end of September 2024, compared to EGP 675.3 bn by the end of December 2023, with an increase of EGP 221.4 bn, clinching the top of listed banks on the First Bank index of depositors' confidence by the end of last September
This is due to the significantly higher volume of retail deposits, with its portfolio jumping by 38.29%, to register EGP 10.8 bn by the end of September 2024, compared to EGP 369.4 bn by the end of 2023
The rise in the corporate deposit portfolio also played an important role, rising to EGP 385.89 bn by the end of September 2024, compared to EGP 305.9 bn by the end of 2023, with a growth of 26.13%, and an increase close to EGP 80 bn.
Overall, CIB achieved a strong performance during this year, with net profits jumping 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 65.5 bn during the first 9 months of 2024, compared to EGP 37.6 bn in the same period of 2023, with a growth of 74.33% and an increase of EGP 27.9 bn
Net fees and commissions income rose from EGP 3.95 bn in the first 9 months of 2023, to EGP 5.2 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 1.1 trillion by the end of September 2024, compared to EGP 832.5 bn by the end of December 2023, with a growth of 33.89%.
The Bank's total customer loans jumped by EGP 84.705 bn during the first 9 months of this year, registering EGP 349.8 bn by the end of June 2024, compared to EGP 265.1 bn by the end of 2023, with a growth of 31.95%
The Bank's total financial investments rose by 36.67%, reaching EGP 369.2 bn by the end of September 2024, compared to EGP 270.1 bn by the end of 2023, with an increase beyond the EGP 99 bn barrier.
