CIB Q1 Net Income Rises 64%

Commercial International Bank (CIB), Egypt’s biggest private bank by assets, said on Wednesday that first quarter consolidated net income jumped 64% year-on-year, beating analyst forecasts.

Net profit for the quarter rose to EGP 505 million ($83.64 million) from EGP 308 million in the first quarter of 2011.
Net loans and overdrafts to customers slipped to EGP40.05 billion as of March 31 from EGP 41.07 billion as of the end of 2011, it added.

Four analysts polled by Reuters had forecast on average a net income of EGP 409 million. The highest forecast was EGP 465 million, Reuters reported.