Cairo – Mubasher: The Commercial International Bank Egypt’s (CIB) board on Thursday recommended a cash dividend distribution of EGP 1 per share for 2017 profits.

The Egyptian lender suggested distributing about EGP 1.16 billion dividends to shareholders for 2017 profits, compared to EGP 576.9 million a year earlier, CIB said in a filing to the Egyptian Exchange (EGX).

The EGX-listed bank aims at boosting its financial position through the proposed dividend distributions to reach capital adequacy ratio (CAR) of 19.3%, the bank noted.

CIB’s capital amounts to EGP 11.6 billion distributed over 1.16 billion shares at a par value of EGP 10 per share.