Egypt's CIB posts 28% jump in Q2 net profit

Egypt: Egypt’s Commercial International Bank (CIB), the country’s largest listed bank, has posted a 28% year-on-year increase in its second-quarter consolidated net profit, as it diverted more money into profitable government securities, Reuters has reported. Net income rose to EGP671m ($96.01m) from EGP523m in the same quarter of 2012. Revenue rose by an annual 49% to EGP1.83bn. Deposits rose 15.8% in the first six months of 2013 to EGP91.2bn, while loans grew by only 1% to EGP43.2bn. []

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