CIB Egypt aims to increase its capital to EGP 29.9

The Commercial International Bank (CIB-Egypt) announced last week that it had submitted documents for registering shares to increase the issued and paid-up capital from 29.8 billion Egyptian pounds to 29.99 billion pounds ($1.07 billion-$1.086 billion).

The increase is spread over 16.5 million shares with a nominal value of 10 pounds per share paid in cash under a bank deposit certificate, the bank disclosed in a statement sent to the Egyptian Stock Exchange on Thursday.

The bank added that the increase represents the 13th tranche of the proof and motivation system for the bank’s employees.

CIB’s net profit rose to 12.205 billion pounds between January and September 2022, up from 9.89 billion pounds by the end of September 2021.

The bank recorded pre-tax profit of 17.787 billion pounds by the end of September, compared to 13.998 billion pounds by the end of September 2021, the independent financial statements revealed.

Net income from the return reached about 21.710 billion pounds by the end of September, compared to 18.105 billion pounds by the end of September 2021.