Egypt’s CIB Q1 net profits hit record of 1.1B EGP
Commercial International Bank (CIB)

CAIRO: Egypt’s Commercial International Bank (CIB) reported Wednesday a 38 percent rise first-quarter net profits year-on-year (YoY,) totaling 1.108 billion EGP ($144.16 million.)

CIB is the Egyptian Exchange’s (EGX) bellwether with more than 36 percent of the benchmark index’s EGX30 weight and also posted a 47 percent hike in Q1 revenues, totaling 2.584 billion EGP (year-on-year.)

Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, expressed his pleasure with  the “exceptional financial performance in the first quarter.” Consolidated revenues grew 47 percent over last year to 2.6 billion EGP, and bottom line to 1.1 billion EGP, he added in a statement.

In 2014, the CIB posted net profits of EGP 3.7 billion EGP ($485 million,) marking a 23.3 percent growth, compared to 3 billion EGP in 2013.

“CIB’s proactive capacity building efforts over the past period have positioned us to capture business opportunities now coming online. Our first quarter performance has affirmed our strategy, and bodes well for the remainder of the year,” Ezz Al-Arab concluded.

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