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CIB profits reach EGP 2.64bn in Q1 of 2019 - Daily News Egypt

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CIB profits reach EGP 2.64bn in Q1 of 2019

Total bank assets increase to EGP 351.68bn until end-March

The Commercial International Bank (CIB) has achieved profits of EGP 2.64bn during the first quarter (Q1) of this year, compared to EGP 2.02bn during Q1 of 2018, a 30.69% increase.

In a statement sent to Egyptian Exchange (EGX) on Monday, CIB explained that the net income from the bank’s revenue increased during that period by 51.52%, reaching EGP 4.94bn, against a net profit of EGP 3.26bn during Q1 of 2018.

The bank achieved profits of EGP 9.58bn in 2018, against EGP 7.53bn in 2017.

The financial statements of the bank revealed an increase in the loans portfolio during Q1 of 2019 by 5.59%, reaching EGP 112.25bn, compared to EGP 106.31bn in Q1 of 2018.

The deposits portfolio in the CIB increased during the same period by 2.82%, reaching EGP 293.35bn, compared to EGP 285.3bn.

The bank pointed out that its total assets increased during Q1 of 2019 by 2.69%, reaching EGP 351.68bn, compared to EGP 342.46bn during the same period last year.

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