CIB reported record net income of EGP 1.46 bn on revenues of EGP 2.79 bn as it released its second quarter 2016 results late last night, according to a company statement (pdf). Revenues were up 20% y-o-y in the quarter, while net income rose 28%. The bank “maintained its strong performance in the second quarter despite unfavorable economic circumstances, turning in record consolidated first-half top and bottom lines,” it noted with its earnings. “CIB continued to take a cautious approach in managing its capital base efficiently to ensure continuous compliance with CBE regulations. … The first half of 2016 witnessed a restructure in the Bank’s balance sheet in a way that would help lower volatility in the Bank’s capital base, especially in light of the current uncertainty in the interest rate environment. This was reflected in a lower balance sheet duration, which, together with the growth in expenses resulting from the acquisition of Citibank branches and retail portfolio and rapid network expansion, were the main reasons behind the increase in the Bank’s cost-to-income ratio.”