CAIRO: Egypt’s Commercial International Bank, the country’s biggest listed bank, posted a 31 percent rise in net income in the first half of 2014, earning 1.74bn Egyptian pounds ($797.20m).
The bank said it posted record revenue of 3.79bn pounds, up 17 percent from the previous year. It said its net income for the second quarter rose to 932m pounds, 39 percent up from the same period a year ago. “CIB stands ready to utilise its robust balance sheet to fund Egypt’s expected economic recovery over the coming period,” Hisham Ezz Al Arab, the chairman and managing director, said.
Egyptian banks such as CIB have been able to keep bottom lines improving thanks partly to high interest rates paid by the state for its short-term borrowing. Reuters
