CIB tops fastest-growing banks on First Bank Credit Competitiveness Index in the first 9M-2024

12/24/2024 3:03:20 PM

Commercial International Bank-Egypt achieved strong growth in total customer loans during the first 9 months of this year. Its portfolio rose by EGP 84.7 bn during the first 9 months of this year, registering EGP349.8 bn by the end of September 2024, compared to EGP 265.1 bn by the end of 2023, with a growth of 31.95%.

This outstanding performance led to CIB topping the First Bank Credit Competitiveness Index for banks operating in the Egyptian banking sector in the first 9 months of 2024.

This is due to the remarkable outperformance of CIB in corporate loans, as evidenced by its portfolio of corporate loans rising to EGP 274.9 bn by the end of September 2024, compared to EGP 205.03 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% during the first 9 months of 2024, reaching 74.88 billion pounds by the end of September, compared to EGP 60.1 bn by the end of 2023, with an increase of EGP14.8 bn.

Overall, the Bank achieved a strong performance during this year, with net profits jumping by 95.8%, registering EGP42.6 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.

From early January to the end of September, the share of the core share in the profits of jumped to EGP 12.42 per share, compared to EGP 6.41 per share during the same period from 2023, with a growth of 93.76% and an increase of EGP 6.01 per share

Regarding the bank's financial position, its portfolio rose to EGP 1.1 tn by the end of September 2024, compared to EGP 832.5 bn by the end of December 2023, with a growth of 33.89%.

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, an increase of EGP 221.382 bn.

The Bank's total 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 EGP 99 bn.