CAIRO: Egypt’s top private sector bank, Commercial International Bank (CIB,) reported a 37 percent rise in third-quarter net profits year-on-year (YoY,) according to a Wednesday statement.
The bank’s quarterly gains stood at 1.33 billion EGP ($165.6 million,) up from 972 million EGP in the same period a year earlier. CIB’s Q3 revenues grew by 28 percent, totaling 2.61 billion EGP (year-on-year.)
“Results are overall positive; we maintain our positive view and BUY/LOW RISK rating with the same PT of 62.6/ EGP share,” Mubasher Trade Research commented in an emailed statement.
CIB, the Egyptian Exchange’s bellwether, reported record net profits of 3.58 billion EGP in the first nine months of 2015, marking a 32 percent rise from 2.7 billion EGP for the same period last year.
Strong loan growth and operational performance along with improving asset quality were among the key drivers of Mubasher Trade positive estimate for the largest private-sector bank in Egypt with the largest market shares in terms of assets, loans, deposits, and net income.
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.