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Egyptian FRA approves CIB’s capital hike

Egyptian FRA approves CIB’s capital hike
The bank’s capital increased by EGP 85.99 million
CIB
COMI
4.69% 85.95 3.85

Cairo – Mubasher: Egypt’s Financial Regulatory Authority (FRA) has approved Commercial International Bank’s (CIB) capital increase, according to a bourse statement released on Thursday.

The bank’s capital increased by EGP 85.99 million, divided among 8.59 million shares, to EGP 14.77 billion.

The capital hike aims to release the shares distributed as part of the bank's employee incentive program in its eleventh year.

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.