Egypt’s CIB: net profits grow 28.2% at 2016-end

Egypt’s largest-listed bank, Commercial International Bank (CIB) said Wednesday net profit for 2016 rose 28.2 percent to reach 5.95 billion Egyptian pounds ($314.9 million).

In 2015, net profit recorded 4.64 billion pounds.

Consolidated profits registered 6.009 billion pounds against 4.73 billion pounds at the end of 2015.

Investments in the Egyptian government’s treasury bills rose 77.03 percent to 39.177 billion pounds at the end of December 2016, compared to 22.13 billion pounds at the same period of 2015.

Loans and credit facilities also surged 50.4 percent to 85.991 billion pounds at the end of December 2016, compared of 57.172 billion pounds in the same period in 2015.

Total assets climbed 47.24 percent to 263.852 billion pounds during 2016, up from 179.193 billion pounds at the end of December 2015.

Customers’ deposits inched up to 231.965 billion pounds at the end of 2016, compared to 155.369 billion pounds at the end of 2015.