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News


(2014-07-24) Egypt's CIB reports 39% rise in Q2 profit
Egypt's biggest listed bank, Commercial International Bank (CIB) (COMI), posted a 39% rise in net income for the 2Q2014, the bank said on a statement. The added that its quarterly income stood at LE 932 million, While revenues stood at LE 2.04 billion. The bank posted LE 671 million net income for the 2Q2013 and a revenues were LE 1.73 billion. Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, commented: CIB achieved record top and bottom lines this quarter, generating the fourth consecutive quarter of growth in these key metrics. Quarterly revenue of over EGP 2 billion showed year-on-year growth of 18%, with Egyptian corporates starting to show signs of a turnaround and consumer banking continuing its strong performance in both asset and liability products.