Egypt’s CIB reports higher net income

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Commercial International Bank (CIB), Egypt’s largest listed company, reported a 28 per cent rise in second quarter net income.

The bank had consolidated net income of 1.46 billion Egyptian pounds ($164.42 million), up from 1.15 billion Egyptian pounds in the same quarter last year.

Revenues increased 20 per cent to 2.79 billion Egyptian pounds in the second quarter, the bank said.

In June, CIB dropped plans to sell investment banking arm CI Capital to Beltone Financial for 924 million Egyptian pounds after failing to win regulatory approval.

(Reuters)