Commercial International Bank (CIB) declared a net profit of £E 516 million for the second quarter of this year, a rise of 35 %. This performance was way more than the forecasted from two analysts in June for second quarter net profit of £E 339.21 million and £E 383.80 million respectively.
Part of the net profit was the £E 145 million proceeds from a sale of subsidiary.
About CIB
The CIB is Egypt's largest lender by market value. It was established in 1975 as a joint venture between the National Bank of Egypt (NBE) (51%) and the Chase Manhattan Bank (49%) under its original name "Chase National Bank of Egypt". Following Chase's decision to divest its equity stake in 1987, National Bank of Egypt increased its shareholding to 99.9%, and the Bank changed its name to Commercial International Bank (Egypt) S.A.E.
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