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CIB's Q4 net profits rises 11%

CIB's Q4 net profits rises 11%
Photo Credit: Arabianeye - Reuters
CIB
COMI
-3.05% 80.00 -2.52

Cairo - Mubasher: Commercial International Bank - Egypt (CIB) reported net income of EGP 1.15 billion, or EGP 0.87 per share for the fourth quarter of 2015, an increase of 11% y-o-y.

The lender posted net income of EGP 1.03 billion, or EGP 1.14 per share for the same period of the previous year.

CIB said it turned in a fourth year of record performance, generating consolidated full-year revenues of EGP 10.2 billion and net income of EGP 4.73 billion, up 32% and 26% from 2014, respectively.

Loan demand continued to recover, with gross portfolio growth of EGP 9.4 billion or 18% during 2015.

CIB's deposits also grew strongly, adding EGP 33 billion, with solid growth in foreign currency deposits.