Cairo – Mubasher: Commercial International Bank – Egypt (CIB) on Wednesday reported its consolidated financial statements for the fourth quarter of 2016 and the full year 2016.

CIB achieved EGP 1.552 billion in profits in Q4-16, up 35.8% from EGP 1.143 billion in the same period in 2015, according to a filing to the Egyptian Exchange (EGX).

Profits, including minority shareholders’ rights, for the full year 2016 stood at EGP 6.023 billion, up 27.4% from EGP 4.726 billion in 2015.

Standalone profits for 2016 increased 28.2% year-on-year to EGP 5.95 billion from EGP 4.64 billion in 2015, the bank revealed.

CIB said that losses from the floatation of the Egyptian pound versus the US dollar until 31 December 2016 reached EGP 325 million and included asset valuations, as well as foreign currency commitments and trading during the period.

The retail banking sector recorded a significant growth of 46% in net income from operations, reaching EGP 2 billion in 2016, the bank noted.

The sector’s contributions made up 34% of CIB’s profits, which helped boost the bank’s market share of the Egyptian banking sector’s deposits to reach 8.09% of the market by the end of September 2016.

The bank last reported a net profit of EGP 1.711 billion in Q3-16, up 28.9% year-on-year.

CIB’s stock closed Tuesday at EGP 76.44.