Egypt's CIB net income up
CIB continues to reassert its position as leading commercial bank in Egypt, as net income sustained impressive momentum in 1H FY04 results, reflecting an annual 32.6% advance to LE230.7 million, versus LE174 million realized in the comparable period last year.
Net interest income leapt ahead a solid 21.1% to LE333.9 million, as income generated from clients / banks and treasury activities reflected 3.9% and 12% growth respectively, while reduced cost of funding , reflected
in a 4.7% interest expense drop simultaneous to a 15.3% increase in customer deposits over the associated period, also aided associated performance. (menareport.com)
© 2004 Mena Report (www.menareport.com)