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Thursday, 20 July 2017

CIB delivers record earnings in 1H17

EARNINGS WATCH- CIB delivered another record top- and bottom-line performance during the first half of the year as it released its earnings late last night. The lender delivered 29% revenue growth to EGP 6.88 bn, while its bottom line grew 29% over the same period last year to EGP 3.56 bn. The bank’s management team noted in a statement that despite the ambiguity with regards to the CBE corridor rate movement decisions, the bank grew its loan portfolio, despite the backdrop of a shortage in local currency liquidity and subdued growth in lending. “ Bank’s balance sheet has become more lenient to accommodate any up- or down-moves in both interest rates and currency exchange rates,” CIB said. Download CIB’s full earnings release here (pdf).

In other CIB news, the bank’s shareholders approved increases to its issued and paid-up capital to EGP 14.52 bn from EGP 11.62 bn through bonus shares issuance, according to a bourse disclosure. Shareholders will be issued an extra share for every four shares they hold. The capital increase will be financed from CIB’s general reserves.

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