Egypt’s CIB bottom line drops 7.6 percent
Egypt’s Commercial International Bank (CIB) reported a net profit of 178.92 million Egyptian pounds ($38.5 million) for the first half period, which ended June 30, 2002. This constitutes a 7.6 percent bottom line drop compared to the corresponding six-month period the previous year, when the bank realized EP193.63 million in net profits.
The bottom line drop was attributed to a 35.2 percent provisions rise, totaling EP137.1 million, coupled by a 19 percent rise in non-interest expenses, to LE141.6 million. CIB recorded the profit fall in spite of net interest income rising 16 percent increase to EP244.2 million commissions and fees reaching EP135 million after a 20 percent increase.
CIB was established in 1975 as a joint venture between the National Bank of Egypt (NBE) and the Chase Manhattan Bank. NBE later sold 20 percent of its equity stake in CIB's capital through a global depository receipts (GDR) offering listed on the London Stock Exchange. The bank has 37 branched and 30 units located across Egypt. — (menareport.com)
© 2002 Mena Report (www.menareport.com)