Cairo – Mubasher: The board of directors of the Commercial International Bank - Egypt (CIB) decided to postpone the release of the financial statements for the period ended 30 September.
The decision is effective until the completion of the required amendments in coordination with the auditors and the Central Bank of Egypt (CBE), the bank said in a bourse disclosure on Sunday.
The bank is still studying the CBE’s remarks following the initial audit , expected to have no significant impact on the financial position of the bank.
Earlier, CIB Egypt announced the appointment of Sherif Samy as a Non-Executive Chairman, following the resignation of Hisham Ezz El-Arab.
The bank’s senior officials met with the CBE to discuss its supervisory remarks and said it will consider every remark and prepare a corrective plan to remedy the violations found by the CBE.
During the first half (H1) of 2020, the bank reported net profits of EGP 4.997 billion, down from EGP 5.35 billion in the prior-year period, including minority shareholders’ rights.
