Egypt's CIB sees record profits in 2012

Ahram Online, Wednesday 20 Feb 2013

Commercial International Bank (CIB) sees LE588 million in profits for the last quarter of 2012

Commercial International Bank (CIB), Egypt's largest listed bank, announced a 38 percent annual growth in net income in 2012 to reach LE2.23 billion ($328 million), mainly due to a significant growth in interest income from treasury bills and bonds.

CIB has benefited from lending to the Egyptian government at high rates over the past years, edging close to 16 percent, as the government struggles to close its widening budget deficit.

The bank saw its net interest income, which is the difference between interest income and interest expense, grow to LE3.91 billion in 2012, a significant 46 percent increase over the LE2.69 billion recorded a year earlier.

Net profit for the last quarter of 2012 reached LE588 million, a growth of 7 percent over the same quarter of 2011.

The bank's loan portfolio reached LE40.6 billion by 31 December 2012, nearly the same level as 31 December 2011. Retail lending, including credit cards and cash loans, grew from LE4.6 billion in 2011 to LE6 billion in 2012.

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