Egypt’s CIB bank says first-quarter profits up by 31%

Egypt’s Commercial International Bank (CIB) reported first-quarter profits of 2.6 billion Egyptian pounds ($151.7 million) on Monday, up 31 percent compared to the same period last year.

Customers’ deposits also rose 3 percent to 293.3 billion pounds at the end of March, compared to 285.2 billion pounds in the same month last year, the bank added in a statement.

Assets totalled 351.6 billion pounds, up 3 percent compared to 342.4 billion pounds last year. Total loans and credit facilities climbed 6 percent to around 112.4 billion pounds from 106.3 billion last year.