CIB posts profits of EGP7bln in nine months

The Commercial International Bank (CIB) recording consolidated profits of 7.02 billion Egyptian pounds during the first nine months of 2018, compared to 5.67 billion pounds 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 15.16 billion pounds, compared to 11.03 billion pounds during the same period of 2017.

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

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

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

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