Egypt’s CIB Q2 net profits surge 23% YoY
CIB - Photo courtesy of lotusgroup

CAIRO: Egypt’s top private sector bank, Commercial International Bank (CIB) reported a 23 percent rise in second-quarter net profits year-on-year (YoY,) according to a Wednesday statement.

The bank’s quarterly gains stood at 1.15 billion EGP ($146.82 million,) up from 932 million EGP in the same period a year ealier.

CIB the Egyptian Exchange’s (EGX) bellwether with more than 36 percent of the benchmark index’s EGX30 weight.

The bank also posted a 17 percent hike in Q2 revenues, totaling 2.38 billion EGP (year-on-year.)

“CIB continued its strong performance in the second-quarter, turning in record consolidated first-half top and bottom lines of 4.97 billion EGP and 2.26 billion EGP, an annual increase of over 30 percent,” Hisham Ezz Al-Arab, Chairman and Managing Director of CIB, said in the 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.

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