Commercial International Bank (CIB): Egypt’s largest-listed bank posted a 17 per cent increase in its first quarter profits compared to the same period last year, thanks to improved interest margins.
CIB’s net profits reached EGP 1.29bn. Meanwhile revenues rose 4 per cent to EGP 2.63bn and deposits hiked by 9 percent to EGP 169bn.
Key performance indicators improved in the face of large moves in interest and currency exchange rates according to a bank statement that pointed that year-end 50-basis-point rate hike had helped raise the net interest margins in Egyptian pounds to over 7.3 per cent.
CIB said its standalone net interest margin was 5.81 per cent, generating income of EGP 2.27bn.