Cairo – Mubasher: The consolidated financial statements of the Commercial International Bank - Egypt (CIB) reported a 9% year-on-year (YoY) drop in its net profits during the first quarter of 2020.

The lender achieved net profits of EGP 2.39 billion in the January-March period of 2020, compared to EGP 2.64 billion in the corresponding period a year earlier, including minority shareholders’ rights, according to a bourse disclosure on Tuesday.

The bank’s net interest income rose to EGP 6.19 billion in the three-month period ended on 31 March from EGP 4.93 billion in the year-ago period.

As for standalone business, CIB reported net profits of EGP 2.39 billion in Q1-20, compared to EGP 2.64 billion in Q1-19.

It is worth noting that in 2019, the bank’s net profits grew to EGP 11.8 billion from EGP 9.58 billion in 2018, including minority shareholders’ rights.