Cairo – Mubasher: Commercial International Bank Egypt (CIB) on Thursday posted a 25% year-on-year surge in profits for 2017 due to a growth in net income.
Net profit stood at EGP 7.5 billion in 2017, compared to EGP 6 billion profits in 2016, including minority shareholders’ rights, the bank said in a filing to the Egyptian Exchange (EGX).
Net income increased to EGP 12.5 billion in 2017, versus EGP 10 billion in 2016.
Meanwhile, standalone profits jumped to EGP 7.5 billion last year from EGP 5.6 billion.
CIB achieved EGP 2.08 billion profits in the three-month period ended September 2017, against EGP 1.7 billion in the same period a year earlier.
At the first nine months of 2017, the bank’s profits amounted to EGP 5.6 billion from EGP 4.45 billion in the corresponding period of 2016.
