Cairo – Mubasher: The extraordinary general meeting (EGM) of Commercial International Bank (CIB) has approved increasing the lender’s authorised capital by EGP 30 billion.

The Egyptian bank’s capital will be raised to EGP 50 billion from EGP 20 billion, according to a statement to the Egyptian Exchange (EGX) on Thursday.

During the first quarter of 2019, CIB logged a profit of EGP 2.64 billion, compared to EGP 2.02 billion in the year-ago period.