CIB Reports EGP 655 Mln Net Profit In Q1 2013

The Commercial International Bank (CIB) achieved net profit of EGP 655 million at the end of the first quarter of 2013, compared to EGP 512.5 million at the end of the corresponding period in 2012, registering a growth rate of 27.6% EGP 142.5 million.

The bank’s unconsolidated financial statements showed that the bank’s pre-tax net profit surged 20.4% to reach EGP 9.6 million at the end of last March, compared to EGP 752 million.

The bank’s standalone revenues rose 39.8%, net income from return hiked 31% and net income excluding return surged 69.9% during the first three months of 2013 as compared to the same period in 2012.

The bank’s consolidated financial statements showed that the bank achieved post-tax net profit of EGP 658 million, compared to EGP 223 million, and post-tax net profit of EGP 909 million, compared to EGP 745 million.