CIB’s consolidated profits surge 81% in H1
Updated 7/24/2023 8:28:00 AM
Arab Finance: Commercial International Bank Egypt (CIB) posted an 81% year-on-year (YoY) increase in consolidated net profit after minority interest for the first half (H1) of 2023, as per an emailed press release.
Consolidated net profits attributable to the bank amounted to EGP 14.053 billion in H1 2023, compared to EGP 7.765 billion in H1 2022.
Net interest income surged 74% YoY in the first six months of the year, hitting EGP 23.893 billion, compared to EGP 13.729 billion.
In terms of standalone business, the bank recorded EGP 14.143 billion from January through June, up from EGP 7.773 billion in the same period of last year, as per a filing on July 24th.
Meanwhile, standalone net interest income rose to EGP 23.790 billion from EGP 13.695 billion.
CIB, the leading private sector bank in Egypt, provides banking services across the country through more than 200 branches and units.
The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.
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