CIB marks profits of LE 7.02B in 9 months

CAIRO – 8 November 2018: The Commercial International Bank (CIB) announced its results during the first nine months of 2018, recording consolidated profits of LE 7.02 billion, compared to LE 5.67 billion during the same months of 2017, including minority rights, with an increase of 23.75 percent.

The bank clarified in a filing to the Egyptian Exchange (EGX) that the consolidated revenues rose 37 percent during the January-September period to LE 15.16 billion, compared to LE 11.03 billion during the same period of 2017.

The bank’s results during the third quarter of 2018 hiked 24 percent to LE 2.6 billion with revenues of LE 6.01 billion.

The share of CIB reacted positively with the results as it rebounded 1.63 percent by 10:45 a.m. (CLT), gaining LE 1.31 to hit levels of LE 81.88.

As per standalone results, the bank recorded a 23 percent increase in its profit during the nine months to LE 7 billion, compared to LE 5.7 billion during the same months of 2017.

During the first half of 2018, the bank’s consolidated profits hiked 23.4 percent, recording LE 4.42 billion, compared to LE 3.58 billion during the same period of 2017.

The Commercial International Bank - Egypt (CIB) is a public company, listed on the Egyptian Exchange (EGX) since February 1995.

Founded in 1975, CIB operates within the banks sector focusing on diversified banks. It has 24 subsidiaries operating across Egypt and the United Kingdom.