Cairo – Mubasher: The Financial Regulatory Authority (FRA) has approved to publish the disclosure form of Commercial International Bank (CIB) to proceed in its capital increase procedures.  

The disclosure form includes the board of directors’ approval to raise the lender’s capital by EGP 20 billion to EGP 50 billion from EGP 30 billion, FRA said in a statement to the Egyptian Exchange (EGX) on Thursday.

It is noteworthy that CIB’s extraordinary general meeting (EGM), which was scheduled to be held on 20 March to approve the capital increase, was postponed.

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

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