Cairo - Mubasher: The Commercial International Bank – Egypt (CIB) on Thursday posted a 24% year-on-year increase in profits for the first nine months of 2018.

Profits amounted to EGP 7.01 billion during the nine-month period ended 30 September, rising from EGP 5.67 billion in the same period of the previous year, the bank said in a filing to the Egyptian Exchange (EGX).

Net income rose to EGP 13.3 billion during the period between January and September, from EGP 9.3 billion in the year-ago period.

Meanwhile, standalone profits went up to EGP 7 billion by the end of September, versus EGP 5.68 billion in the same period of 2017.

For the third quarter of 2018, CIB reported a growth in profits to EGP 2.5 billion, compared to EGP 2.08 billion in Q3-17.

By the end of Wednesday’s session, CIB’s stock rose 1.22% at EGP 80.57.