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CIB's allocations cut, cost control policy leads to strong results in H1 2021

CIB's allocations cut, cost control policy leads to strong results in H1 2021

ArabFinance: The Investment bank’ research units attributed the robust bottom line in half one of 2021 results of the Commercial International Bank (CIB) (COMI) to cutting the allocations and cost control policy the bank applied since the pandemic, according to Al Mal News.

The bank raised corporate lending rates during the second quarter of 2021 after the economic activity resumption, however, it witnessed an increase in default in some sectors such as tourism and cement, the research units said.

It’s worth mentioning that Beltone’s research unit set the fair value of CIB’s share at EGP 74.8.

The listed bank achieved a consolidated net profit before minority interest of EGP 6.090 billion in H1 2021.

CIB 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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