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CIB profits jump by 27% in 2016 despite losses - Daily News Egypt

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CIB profits jump by 27% in 2016 despite losses

CIB board of directors agree to obtain a supporting loan worth $300m

The Commercial International Bank (CIB) said on Wednesday that its consolidated net profits jumped by 27.35% over the past year.

The CIB’s net profits registered EGP 6.02bn in 2016 compared to EGP 4.7bn in 2015, according to the consolidated financial statements and report sent by the bank’s board of directors to the Egyptian Exchange.

The bank said that it suffered a loss of EGP 325m in 2016, as a result to the Egyptian pound’s flotation on 3 November 2016, by estimating the bank assets’ balance, liabilities, and transactions’ profits in foreign currencies.

The CIB is the largest private bank in Egypt and possesses 168 branches nationwide, employing 6,422 people, according to the CIB’s data.

The bank said that its loans’ portfolio grew by 56% to EGP 97.5bn in 2016. The deposit portfolio increased by 49% to EGP 231.7bn.

The bank added that its board has agreed to obtain a supporting loan worth a maximum of $300m.

CIB’s board of directors authorised the bank’s executive management to take all actions related to obtaining the loan after holding negotiations with international institutions.



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