Egypt’s CIB Q2 Net Income Hikes 28 % to EGP671 mln

Egypt’s Commercial International Bank – CIB (COMI), the country’s biggest listed bank, said on Tuesday its second-quarter consolidated net income rose 28 percent year-on-year as it diverted more money into profitable government securities.

Net income rose to 671 million Egyptian pounds ($96.01 million) from 523 million in the second quarter of 2012. Revenue rose by an annual 49 percent to 1.83 billion pounds. ($1 = 6.9889 Egyptian pounds). Deposits rose 15.8 percent in the first six months of 2013 to 91.2 billion pounds while loans grew by only 1 percent to 43.2 billion.

Net interest income grew 36.6 percent year on year to 1.27 billion pounds, it said.

Treasury bills and government notes skyrocketed 122 percent to 17.8 billion pounds.

The loan to deposit rate fell to 49.8 percent from 55.8 percent a year earlier.

Source: Reuters