February 12, 2014 / 7:02 AM / 4 years ago

Egypt's CIB posts 29 percent rise in Q4 net profit

CAIRO, Feb 12 (Reuters) - Egypt’s biggest listed bank, Commercial International Bank, posted a 29 percent rise in fourth quarter net profit to 757 million Egyptian pounds ($109 million), it said on Wednesday.

The bank’s revenues for the fourth quarter rose by 15 percent to 1.74 billion pounds.

CIB posted a 35 percent rise in net profit for the full year in 2013. It made 3 billion Egyptian pounds, compared with 2.2 billion pounds a year earlier.

The bank posted a record revenue of 6.98 billion pounds, 31 percent higher than the previous year.

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 against President Hosni Mubarak in 2011.

$1 = 6.9613 Egyptian pounds Reporting by Asma Alsharif; Editing by Mark Potter

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