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CIB stock jumps on strong H1 financials

CIB stock jumps on strong H1 financials
Photo Credit: Arabianeye - Reuters
CIB
COMI
-3.05% 80.00 -2.52

Cairo – Mubasher: Commercial International Bank (CIB) stock continued its bull run in early trade Thursday, backed by the announcement of profit growth in the first half of 2015.

The Egypt-based lender posted 27.9% growth in consolidated net profit for the first half of 2015 to EGP 2.255 billion ($287.28 million), compared with EGP 1.7 billion ($221.8 million) in the same period a year earlier.

Meanwhile, H1 standalone net profit amounted to EGP 2.198 billion ($280 million), a rise of 32.2% year-on-year from EGP 1.66 billion ($211.77 million).

The stock rose 0.25% or EGP 0.14 at 10:38 Cairo time to reach EGP 56.40.

The bank’s net interest and commissions income rose 2.33% to EGP 802 million, from EGP 683.74 million in H1-14.

CIB’s Q2 profit increased by 26.5% year-on-year to EGP 1.118 billion, from EGP 884.27 million.