Egypt’s CIB bank postpones Q3 results release until internal review completes

Commercial International Bank (CIB), one of Egypt’s largest private banks, said on Sunday it would postpone the publication of its third quarter 2020 results until it completes its review process in coordination with its external auditors.

“While our review has significantly progressed, additional time is still required to satisfactorily release the third-quarter 2020 financial statements and associated disclosures. CIB therefore announces that its Board of Directors in its November 14th 2020 meeting agreed that the publication of the third-quarter 2020 financials will be postponed until the Bank completes its review process, in coordination with its external auditors.” CIB statement read.

Reference is made to our releases dated October 23, 2020 and October 27, 2020 relating to the outcome of the limited review conducted by the Central Bank of Egypt (the CBE) of Commercial International Bank (CIB).

Initial review won’t no adverse effect on CIB financial position

CIB is carefully assessing all the findings resulting from review conducted with the Egypt’s central bank.

Following a preliminary internal review, CIB said it does not expect the impact of the findings “to have a material adverse effect on the current financial condition” of the bank.

Egypt’s central bank released an inspection report in October that uncovered a number of management regularities and regulatory violations committed by the CIB that led to the resignation of chairman Hisham Ezz Al-Arab.

The report has cited CIB’s violations of the central bank and banking system’s oversight regulations. It has also showed material weaknesses in the CIB’s regulatory measures and credibility of giving grants and making credit follow-ups.

“There were some noticeable deficiencies evident in the (bank’s) internal control environment that resulted in massive financial losses.” the central bank inspection report read.