Egypt’s CIB: standalone pretax profit surges to EGP 9.01 billion in 3 months

Commercial International Bank (CIB), one of Egypt’s largest private banks, has registered profit before tax of 9.071 billion Egyptian pounds ($293.5 million) in the first half of the year, its separate financial statements showed on Monday.

Net profit rose to 6.084 billion pounds at the end of March 2023, up from 4.239 billion pounds at the end of March 2022.

Net interest income also rose to 10.8 billion pounds at the end of March from 6.6 billion pounds last year.

Customers’ deposits surged to 574.113 billion pounds at the end of March 2023 from 530.124 billion pounds at the end of December 2022. Meanwhile, total assets recorded 684.195 billion pounds as of March 2023 from 633.643 billion pounds as of December 2022.