CIB’s net income nearly doubles in 1Q 2024

CIB’s bottomline doubles in the first quarter: CIB’s net income surged 97% y-o-y to EGP 11.9 bn in 1Q 2024, the EGX-listed lender said in its latest earningsrelease (pdf). Its revenues, meanwhile, jumped 82% y-o-y to EGP 21.8 bn during the period. The strong performance was driven by sharp rises in the lender’s net interest and non-interest income.

In detail: The bank’s net interest income hit EGP 18.8 bn in the first quarter, up 73% y-o-y. Non-interest income almost increased by 3x y-o-y to EGP 3 bn. CIB’s gross loan portfolio grew 18% over the quarter to EGP 314 bn, while deposits rose 17% to end the quarter at EGP 792 bn.

What they said: “Reaping the [advantages] of its flexible balance sheet structure and proactive treasury management, CIB navigated smoothly through such economic developments, delivering another record set of financial results, while maintaining top-notch solvency and liquidity levels,” the bank’s management said.