Egypt’s CIB posts higher net income, revenues in Q2

Commercial International Bank (CIB) , Egypt’s largest listed company, on Wednesday reported a 28 percent rise in second quarter net income.

The bank had consolidated net income of 1.46 billion Egyptian pounds ($164.42 million), up from 1.15 billion Egyptian pounds in the same quarter last year.

Revenues increased 20 percent to 2.79 billion Egyptian pounds in the second quarter, the bank said.

In June, CIB dropped plans to sell investment banking arm CI Capital to Beltone Financial, a unit of billionaire Naguib Sawiris’ Orascom Telecom for 924 million Egyptian pounds after failing to win regulatory approval.

($1 = 8.8799 Egyptian pounds)

source: Reuters