Cairo – Mubasher: Commercial International Bank – Egypt’s (CIB) stock rose on Thursday to its highest level since one month (12 April 2017), backed by an increase in the bank’s profits for the first quarter of fiscal year 2017.
By 11:36 am Cairo time, the stock advanced 0.18% to EGP 77.28, with a turnover of EGP 19.78 million.
CIB posted on Thursday a rise of 35.6% in its consolidated net profit for the first quarter of fiscal year 2017 to EGP 1.75 billion, versus EGP 1.29 billion for Q1-16.
Net interest income increased in Q1-17 to EGP 2.78 billion from EGP 2.26 billion for Q1-16, according to a statement.
Standalone net profit for Q1-17 amounted to EGP 1.78 billion, 35% up from EGP 1.32 billion for Q1-16.
