CIB’s mortgage finance portfolio increases to 500 mln pounds

Egypt’s largest listed bank, Commercial International Bank (CIB) said its mortgage finance portfolio has increased to record 549 million Egyptian pounds by the end of March 2018.

A source told Amwal Al Ghad that the amount is compared 416 million pounds by the end of 2017 with an increase of 30 million pounds.

The sources added that  the total amount of personal finances has exceed 20 billion Egyptian pounds in Q1 2018 compared to 19 billion by the end of last year.

Net profit stood at 2.017 billion pounds by the end of March 2018, compared to 1.7 billion pounds profits in 2017.

The banks seeks to establish a specialized company in the mortgage finance field within the upcoming period.

Commercial International Bank was established in 1975 as a joint venture between the National Bank of Egypt (51%) and the Chase Manhattan Bank (49%) under the name “Chase National Bank of Egypt”.

Following Chase’s decision to divest its equity stake in 1987, National Bank of Egypt (NBE) increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E. NBE’s stake gradually decreased through several public offerings till it reached 18.7%. In 2006, a Consortium led by Ripplewood Holdings acquired the NBE stake.