Cairo – Mubasher: The consolidated net profits of the Commercial International Bank - Egypt (CIB) declined by 14% year-on-year (YoY) to EGP 7.34 billion in the first nine months of 2020, compared to EGP 8.53 billion, including minority shareholders’ rights.

The lender’s net interest income increased to EGP 18.84 billion in the January-to-September period from EGP 15.44 billion in the corresponding period in 2019, according to a bourse disclosure on Wednesday.

On the other hand, the bank’s net fee and commission income retreated to EGP 1.33 billion in the nine-month period, compared to EGP 1.68 billion in the year-ago period.

As for the third quarter (Q3) of 2020, CIB logged net profits of EGP 2.34 billion, down from EGP 3.18 billion in Q3-19.

In addition, the standalone financial results for the first nine months of the year showed net profits of EGP 7.39 billion, down from EGP 8.54 billion in the same period a year earlier.

During the first half (H1) of 2020, CIB achieved net profits of EGP 4.997 billion, down from EGP 5.35 billion in H1-19, including minority shareholders’ rights.