Egypt's CIB sees 51% rise in Q3 net income

Ahram Online, Wednesday 13 Nov 2013

Commercial International Bank (CIB) boosts revenue in the third quarter, reaching LE1.8 billion

Egypt
Egypt's Commercial International Bank (Photo: Ahram)

Egypt's biggest listed bank, Commercial International Bank (CIB), said on Tuesday that its third-quarter consolidated net income rose 51 percent from a year earlier to LE920 million.

CIB revenue rose by an annual 24 percent to LE1.8 billion. Deposits increased quarterly by 3 percent during the third quarter to LE94 billion, while lending rose 2 percent to LE45.1 billion.

Its nine-month consolidated net income was worth LE2.2 billion, rising 37 percent from the same period last year.

The third-quarter net interest margin widened to 5.25 percent, up 40 basis points from 4.85 percent in the third-quarter of 2012, as net interest income generated LE1.3 billion, 24 percent higher than last year.

“CIB continued its run of record quarterly income, putting us on course for a record full-year performance,” the statement quoted the CIB chairman Hisham Ezz Al-Arab as saying.

 

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