The National Bank of Egypt increases its stake in CIB at 9.13%

A disclosure to the Egyptian Stock Exchange issued on January 2, revealed that the National Bank of State-owned Egypt increased its stake in Commercial International Bank, the country’s largest private bank, to 9.13% from 8.27% at the end of September. .

The net profit of the Commercial International Bank in Egypt increased 62% year-on-year to £ 3.81 billion in the third quarter of the year 2021.

The interest margin of EGP 6.5 billion contributed the 7% revenue growth rate year-on-year to EGP 7.14 billion, according to the bank’s consolidated financial statements.

The largest private bank in Egypt has seen continued momentum in loan growth since loans in local currency have achieved growth record 26% compared to the previous year. CIB’s capital adequacy ratio stood at 32.1% at the end of the quarter, above the minimum regulatory requirements.

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