Cairo – Mubasher: Commercial International Bank - Egypt (CIB), Egypt's largest listed lender, has reported a 30.69% year-on-year increase in consolidated profits for the first quarter of 2019.

Net profit totalled EGP 2.64 billion during the three-month period ended in March, compared to EGP 2.02 billion in the year-ago period, the Cairo-based bank said in a statement to the Egyptian Exchange (EGX) on Monday.

The bank’s net income surged by 51.52% to EGP 4.94 billion in Q1-19, versus EGP 3.26 billion in the corresponding three-month period of 2018.

At the level of standalone business, CIB posted a profit of EGP 2.64 billion for the first three months of the year, up from EGP 2.01 billion in Q1-18.

In February, Egypt's largest private sector bank announced it had achieved a net profit of EGP 9.58 billion for the full-year ended 31 December 2018, up 27% year-on-year from EGP 7.53 billion.

The bank’s net income grew to EGP 18.14 billion last year from EGP 12.5 billion in 2017.