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UPDATE 2-Egypt's CIB reports 22 pct rise in 1st-qtr profit
May 15, 2014 / 9:32 PM / 4 years ago

UPDATE 2-Egypt's CIB reports 22 pct rise in 1st-qtr profit

(Adds CIB chairman comments, details)

CAIRO, May 15 (Reuters) - Egypt’s biggest listed bank, Commercial International Bank, posted a 22 percent rise in first-quarter net income, the bank said in a statement on Thursday.

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 company’s statement.

“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)

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