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CIB logs EGP 8.5bn profit in 9M

CIB logs EGP 8.5bn profit in 9M
Net interest income rose to EGP 15.4 billion
CIB
COMI
-3.05% 80.00 -2.52

Cairo – Mubasher: The consolidated financial statement of the Commercial International Bank - Egypt (CIB) posted a 21.6% year-on-year profit increase during the first nine months of 2019.

The lender posted a net profit of EGP 8.537 billion from January to September, compared to EGP 7.019 billion in the year-ago period, including minority shareholders’ rights, according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Meanwhile, net interest income rose to EGP 15.4 billion in the nine-month period ended 30 September from EGP 13.3 billion in the corresponding period a year earlier.

At the level of standalone business, the bank reported a net profit of EGP 8.54 billion in the January-September period of 2019, compared to EGP 7.002 billion in the same period of 2018.

As for the third quarter of 2019, CIB’s consolidated net profits increased to EGP 3.18 billion from EGP 2.59 billion in Q3-18.  

It is noteworthy that during the second quarter of 2019, the bank’s net profits went up to EGP 2.715 billion from EGP 2.399 billion in Q2-19.