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Shore Africa > Hot news > Business > CIB remains Egypt’s biggest company with $5 billion market cap
Commercial International Bank
BusinessHot News

CIB remains Egypt’s biggest company with $5 billion market cap

Amid a strong performance in Egypt's stock market this year, shares of several listed companies have reached record highs.

Omokolade Ajayi
Last updated: November 30, 2024 6:36 pm
Omokolade Ajayi Published November 30, 2024
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Commercial International Bank
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At a Glance


  • CIB retained its position as the most valuable company on the EGX in 2024, with a market capitalization of $5 billion.
  • The bank reported an 89% year-on-year profit increase to $854.1M for the first nine months of 2024, driven by robust revenue growth.
  • Under CEO Hisham Ezz Al-Arab, CIB is expanding its digital footprint and enhancing operational efficiency to sustain growth into 2025.

Commercial International Bank (CIB) — Egypt has retained its crown as the most valuable company on the Egyptian Exchange (EGX) in 2024, with its market capitalization reaching EGP 247.71 billion ($5 billion) as of close of trading on Friday, Nov. 29. This comes amid a strong stock market performance across Egypt this year, which has seen shares of several listed companies reach record highs.

CIB’s stock price has climbed over 12 percent year-to-date (from EGP74.89 on Jan. 2 to EGP81.4), bolstered by the bank’s robust financial results and sustained investor confidence. This surge places the private-sector lender ahead of Elsewedy Electric, a key player in electrical equipment manufacturing, which has witnessed a 208 percent share price increase in 2024.

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Resilient financial performance

CIB’s enduring market dominance is underpinned by its stellar financial performance in 2024. For the nine months ending September 2024, the bank reported an 89 percent year-on-year increase in net profit, climbing to EGP42.35 billion ($854.1 million) from EGP22.46 billion ($453 million) in the same period of 2023. Total revenues for the period surged by 87 percent to EGP71.4 billion ($1.44 billion), driven by a 74 percent growth in net interest income and a ninefold increase in non-interest income.

Deposits grew by 33 percent year-to-date, reaching EGP897 billion ($18.1 billion). Excluding the impact of the Egyptian pound’s devaluation, deposits still showed robust growth at 13 percent, with local currency deposits rising 15 percent (EGP 67.9 billion or $1.37 billion) and foreign currency deposits up 10 percent ($707 million). CIB’s deposit market share was recorded at 6.94 percent as of May 2024, further cementing its leadership in the sector.

Strategic leadership and future prospects

Under the leadership of Hisham Ezz Al-Arab, who was reappointed CEO in September 2024, CIB has focused on enhancing operational efficiency and expanding its digital footprint. The bank has doubled down on reengineering processes and investing in innovative solutions to drive productivity.

Hisham Ezz Al-Arab CEO & Board Member of Commercial International Bank (CIB)
Hisham Ezz Al-Arab CEO & Board Member at CIB

Ezz Al-Arab’s strategic vision aims to sustain the bank’s growth momentum and strengthen its position as Egypt’s leading private-sector lender in terms of revenue, net income, deposits, loans, and total assets. “Our approach combines leveraging technology to transform banking experiences while maintaining sound financial health and solvency,” Ezz Al-Arab said during a recent investor briefing.

A benchmark for Africa

Beyond its domestic prominence, CIB continues to be recognized as one of Africa’s most valuable banks, attracting regional and international investors. Its market-leading position, resilient financial metrics, and forward-looking strategy make it a benchmark for private-sector banking excellence across the continent.

As 2024 draws to a close, CIB remains poised to build on its successes, leveraging its strong fundamentals and strategic initiatives to navigate an evolving economic landscape. With plans to invest in technology and expand its market share, the bank appears well-positioned to sustain its growth trajectory into 2025.

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Feyisayo Ajayi 319 Articles
Feyisayo Ajayi is the Publisher and Co-founder of Shore Africa, the flagship media brand under the Travel Shore umbrella. He brings over a decade of multidisciplinary experience across media, finance, and technology. Feyisayo holds a bachelor’s degree in Geology from the University of Ibadan, Nigeria.
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