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CIB to raise capital to EGP 14.77bn

CIB to raise capital to EGP 14.77bn
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CIB
COMI
1.80% 67.14 1.20

Cairo – Mubasher: The Commercial International Bank - Egypt (CIB) board of directors has approved increasing the bank’s issued and paid-up capital to EGP 14.77 billion from EGP 14.69 billion

The capital hike aims to release the shares distributed as part of the bank's employee incentive program in its eleventh year, according to a bourse filing on Monday.

It is worth noting that over the nine-month period ended 30 September 2019, CIB’s profits rose to EGP 8.537 billion from EGP 7.019 billion a year earlier.