Egypt’s CIB posts record profit in 2015

Egypt’s largest private sector bank, Commercial International Bank (CIB) reported Thursday a record full-year net profit of 4.640 billion Egyptian pounds (US$592.5 million), from 3.647 billion pound in 2014.

CIB’s net profit for the fourth quarter of 2015 has reached 1.15 billion pounds compared to 1.03 billion pounds in the same period a year earlier, the bank said in a Thursday statement.

Q4 revenues hit 2.89 billion pounds, up 33 percent year-on-year.

Meanwhile, full-year revenues registered 10.2 billion pounds, up 32 percent year-on-year.