UPDATE 1-Egypt's CIB Q3 net rises 29 pct, within forecasts

* CIB Q3 net profit rises 29 pct, in line with forecasts

* Net interest income jumps 35 pct in Q3

* Lending climbs 3.2 pct in first nine months of 2009

By Patrick Werr

CAIRO, Nov 11 (Reuters) - Commercial International Bank's (CIB) (COMI.CA) (COMIq.L) third quarter net income rose 29 percent from a year earlier, in line with analyst forecasts.

CIB, Egypt's biggest private bank by assets, said on Wednesday that the global financial turmoil of the last 12 months had hurt its profitability and caused private borrowing in Egypt in general to decrease.

"Despite this, year-to-date CIB has been able to maintain normalised revenue growth of 9 percent, net loan growth of 3.2 percent and deposit growth of 4.2 percent," the bank said in a statement accompanying its financial results.

Net interest income in the third quarter leapt 35 percent from a year earlier, while provisions decreased 29 percent.

"Considering the economy, the results were good, especially its credit quality," said Elena Sanchez-Capezudo, a banking analyst with EFG-Hermes.

Egypt's gross domestic product grew 4.7 percent in the financial year to June, down from 7.2 percent a year earlier.

Net profit at CIB rose to 413.4 million Egyptian pounds ($75.8 million) in the three months to Sept. 30 from a restated net profit of 320.6 million pounds a year earlier, the bank said.

Four analysts polled by Reuters estimated net income of 415 million pounds on average, with forecasts ranging from 368 million pounds to 444.5 million pounds.

Loans and overdrafts were 27.18 billion as of Sept. 30, while customer deposits were 50.84 billion.

A "general rise in risk aversion and uncertainty" had led to a contraction of 3.5 percent in private sector borrowing in Egypt as a whole during the first eight months of 2009, the CIB statement said. ($1=5.454 Egyptian pounds) (Reporting by Patrick Werr; Editing by Tim Dobbyn)