By: Heba El-Kordy
Cairo – Mubasher: The Commercial International Bank’s (CIB) stock jumped to its highest level since August 2018 on the back of the disclosure of its annual financial results and cash dividend proposal.
By 11:30 am Cairo time, the heavyweight stock soared 1.87% to EGP 87.7, with a turnover of EGP 34 million exchanged through 389,000 shares.
Meanwhile, the benchmark EGX30 index rose 1.76% to 14,618 points.
Earlier this day, CIB, Egypt's largest private sector bank, reported a 27% year-on-year rise in profits for the full-year 2018, registering EGP 9.58 billion, up from EGP 7.53 billion in 2017.
Net income surged to EGP 18.14 billion last year from EGP 12.5 billion a year earlier.
Meanwhile, standalone profits climbed to EGP 9.55 billion during the period between January to December 2018, versus EGP 7.55 billion in 2017.
Moreover, CIB’s board of directors recommended the distribution of cash dividends worth EGP 1 per share for 2018.
Last month, the Listing Committee at the Egyptian Exchange (EGX) had approved to raise CIB’s issued capital to EGP 14.5 billion from EGP 11.6 billion through bonus shares distribution.
Translated by: Mai Ezz El-Din
