(Adds CIB chairman comments, details)
CAIRO May 15 Egypt's biggest listed bank,
Commercial International Bank, posted a 22 percent
rise in first-quarter net income, the bank said in a statement
Its first-quarter income stood at 805 million Egyptian
pounds ($113.18 million) while revenues for the quarter rose by
16 percent to 1.8 billion pounds, the bank said. CIB in 2013
posted a 35 percent rise in net profit for the full year.
The bank said its deposits increased by 6.1 percent in the
first quarter to 102.7 billion pounds with a deposit market
share of 7.5 percent, up from 7.37 percent in December 2013.
"CIB continued to gain market share by growing its deposit
base, attracting 6 billion pounds during the quarter," Hisham
Ezz Al-Arab, CIB Chairman and Managing Director, said in the
"CIB maintained its strong balance and sound liquidity
position as well as robust financial indicators, positioning the
bank well for the rest of the year," he added.
Egyptian banks such as CIB have been able to keep their
bottom lines growing thanks partly to high interest rates paid
by the state last year for its short-term borrowing.
State borrowing costs rose as foreign investors exited the
local Treasury market, tax receipts suffered from a weak economy
and the government boosted spending to meet popular demands for
better living standards after an uprising toppled long-time
President Hosni Mubarak in 2011.
($1 = 7.1126 Egyptian pounds)
(Reporting by Thomas Perry and Shadia Nasralla; writing by
Yasmine Saleh, editing by G Crosse)