Cairo – Mubasher: The Financial Regulatory Authority (FRA) on Thursday announced that Commercial International Bank (CIB) has submitted documents to raise its issued capital.

The Egyptian lender’s board of directors decided to increase the bank’s issued capital by EGP 30 billion to EGP 50 billion from EGP 20 billion, the state-run financial regulator said in a statement.

CIB’s extraordinary general meeting (EGM) will be held to approve the capital increase, the statement added.

The FRA is currently reviewing the disclosure and its attached documents.

During the first quarter of 2019, Egypt's largest listed lender reported a 30.69% year-on-year increase in consolidated profits, logging EGP 2.64 billion, compared to EGP 2.02 billion in the year-ago period.  

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