Egypt's CIB sees whopping rise of 26 pct in 2015 net profit

Ahram Online , Thursday 11 Feb 2016

CIB sees steep profits in 2015, at revenues in the last year reaching LE10.19 billion

Egypt's Commercial International Bank in Cairo (Photo: Al-Ahram)

Egypt's biggest private lender, Commercial International Bank (CIB), recorded a consolidated net profit of LE4.73 billion (roughly $600 million) in 2015, a 26 percent leap from a year before, the bank said Wednesday in a statement on the Egyptian bourse website.

CIB reported LE10.19 billion (roughly $1.4 billion) in revenues last year, rising 32 percent from 2014.

The bank deposits portfolio reached LE155.23 billion (around $20 billion) during the past year, "hitting the highest growth rate compared to its closest competitor," the statement added.

The bank's loans volume was up by 17.8 percent in 2015, compared to 2014, reaching LE62.57 billion (around $8 billion).

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