Cairo – Mubasher: Shareholders of the Commercial International Bank-Egypt (CIB) approved a proposal to increase the bank’s issued capital through the issuance of 12.27 million shares as part of the employee stock ownership plan (ESOP).

The shareholders also approved the distribution of one billion bonus shares valued at EGP 10 billion, which will be funded from the general reserves, the bank said in a disclosure to the Egyptian Exchange (EGX) on Wednesday.

In 2020, CIB reported consolidated net profits of EGP 10.23 billion, down from EGP 11.8 billion in 2019, excluding minority shareholders’ rights.