Commercial International Bank profits rise 35 per cent

13 August 2008
Commercial International Bank (CIB), the largest bank in Egypt by market value, has reported a 35 per cent increase in profits for the second quarter of 2008, with a total profit of£E522m ($97m).

The bank says the profit increase was driven by the proceeds of the sale of a subsidiary which netted the bank £E145m.

Total assets increased to £E56bn from £E48bn at the end of 2007, a rise of 17 per cent, while net interest income increased 45 per cent to £E407m and fee income rose to £E513m, up 21 per cent.

CIB had been in talks to merge with Arab African Bank, another Egypt-based bank, since October 2007 but ended the negotiations in May 2008.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications