CIB bank Egypt 2017 profits surge 25%

Egypt’s largest listed bank, Commercial International Bank (CIB) on Thursday posted a 25 percent year-on-year surge in profits for 2017 due to a growth in net income.

Net profit stood at 7.5 billion pounds in 2017, compared to 6 billion pounds profits in 2016, including minority shareholders’ rights, the bank said in a filing to the Egyptian Exchange (EGX).

Net income increased to 12.5 billion pounds in 2017, versus 10 billion pounds in 2016.

Meanwhile, standalone profits jumped to 7.5 billion pounds last year from 5.6 billion pounds.

CIB achieved 2.08 billion pounds profits in the three-month period ended September 2017, against 1.7 billion pounds in the same period a year earlier.

At the first nine months of 2017, the bank’s profits amounted to 5.6 billion pounds from 4.45 billion pounds in the corresponding period of 2016.