CIB logs profits of LE 10.23B in 2020

CAIRO – 1 March 2021: Commercial International Bank – Egypt (CIB) recorded a decline in its consolidated profits by 13.24 percent during 2020, to hit LE 10.23 billion, compared to LE 11.8 billion in 2019, excluding non-controlling rights.

The bank’s net income from the yield during 2020 increased to LE 25.17 billion, compared to LE 21.57 billion in prior year.

As for the bank's standalone financial statements, it achieved profits of LE 10.29 billion during 2020, compared to profits of LE 11.8 billion in 2019.

CIB recorded a net profit of LE 7.34 billion during the first nine months of 2020, compared to LE 8.53 billion during the same period of 2019, without the non-controlling rights.

On a quarterly basis, the bank’s profits also declined during the third quarter of 2020, to record LE 2.34 billion during the period from July to last September, compared to LE 3.18 billion during the same period of 2019.

Founded in 1975, CIB operates within the banks sector, focusing on diversified banks. It has 24 subsidiaries operating across Egypt and the United Kingdom.