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CIB posts EGP 4.9bn profit in H1-20

CIB posts EGP 4.9bn profit in H1-20
The lender’s net interest income increased to EGP 12.47 billion
CIB
COMI
-0.15% 66.79 -0.10

Cairo – Mubasher: The Commercial International Bank - Egypt (CIB) reported net profits of EGP 4.997 billion during the first half (H1) of 2020, down by 6.6% year-on-year (YoY) from EGP 5.35 billion, including minority shareholders’ rights.

The lender’s net interest income increased to EGP 12.47 billion in the January-June period from EGP 10 billion in the prior-year period, according to a bourse disclosure on Tuesday.

In addition, CIB’s standalone financial statements showed net profits of EGP 5.001 billion in H1-20, down from EGP 5.35 billion in H1-19.

It is noteworthy to mention that during the first quarter of 2020, the bank achieved net profits of EGP 2.39 billion, compared to EGP 2.64 billion in the corresponding period a year earlier, including minority shareholders’ rights.