CIB’s consolidated profit jumps 84% YoY in 2023
Updated 2/12/2024 4:47:00 AM
Arab Finance: Commercial International Bank Egypt (CIB) reported an 84% year-on-year (YoY) growth in consolidated net profit after minority interest for 2023, according to the bank’s financial income statement issued on February 11th.
The bank recorded a consolidated net profit after minority interest of EGP 29.635 billion in the 12-month period ended December 31st, compared to EGP 16.114 billion in 2022.
Net interest income grew to EGP 29.635 billion last year from EGP 31.004 billion in 2022.
As per the standalone financial income statement, the bank recorded a net profit of EGP 28.768 billion in 2023, rising by 78% YoY from EGP 16.130 billion.
The CIB's board also approved increasing the lender's issued and paid-up capital to EGP 30.432 billion from EGP 30.195 billion.
CIB, the leading private sector bank in Egypt, provides banking services across the country through more than 200 branches and units.
The bank's segments include corporate banking, investment banking, retail banking, treasury and capital market services, and others.
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