Cairo – Mubasher: Commercial International Bank – Egypt (CIB) on Wednesday reported a 15% year-on-year surge in consolidated profits for the first quarter of 2018, recording a net profit of EGP 2.02 billion from EGP 1.7 billion.
The bank’s net income grew to EGP 3.2 billion in the three-month period ended March 2018, compared to EGP 2.7 billion in Q1-17, Egypt's largest listed lender said in a filing to the Egyptian Exchange (EGX).
Meanwhile, standalone profits doubled to EGP 2.017 billion in Q1-18, versus EGP 1.78 billion in the prior-year period, the Cairo-based bank noted.
CIB had previously posted a net profit of EGP 7.5 billion for the full-year ended December 2017, against EGP 6 billion profit for 2016, including minority shareholders’ rights.
In February, the bank’s board proposed distributing cash dividends for 2017 at EGP 1 per share.
