Commercial International Bank (CIB), Egypt’s largest private bank, achieved a 23.6 percent annual growth in net profits for the second quarter of 2021, amounting to 3.22 billion Egyptian pounds ($205,351).
The bank’s consolidated revenues amounted to 6.36 billion, reflecting a 2 percent year-on-year increase, Asharq reported.
The bank’s net profit in the first half of the year grew by 22 percent amounting to 6.077 billion, while provisions for loan losses reached 1.019 billion, recording a 55 percent decrease.
The country’s largest government bank, the National Bank of Egypt, raised its stake in CIB shares to 8.27 percent, an increase of 3.8 million shares, during the second quarter of this year.