Egypt’s Commercial International Bank net profit grows 20% in Q1

Commercial International Bank (CIB), one Egypt’s largest private banks, reported on Sunday a 20 percent year-on-year growth in net profit for the first quarter of the year.

Net profit recorded around 2.837 billion Egyptian pounds ($181.2 billion) at the end of March 2021, compared with 2.398 billion pounds in the same period last year, the bank said in a bourse filling.

Net interest income fell to 5.67 billion pounds in the first quarter from 6.19 billion pounds in the year-ago period.

Customers’ deposits rose 7 percent year-on-year to 366.249 billion pounds from 341.169 billion pounds last year.

Total loans grew 1.2 percent to 121.02 billion pounds at the end of March from 119.57 billion pounds in March 2020.