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Article: CIB confirms profit rise. (Commercial International Bank Egypt S.A.E.)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- June 14, 1996
CopyrightCOPYRIGHT 1996 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Commercial International Bank (Egypt - CIB) has confirmed the 1995 net profit figure of [pounds]E 218 million ($64.3 million) in full balance sheet footings, announced ahead of its 23 June general assembly. The bank first announced this profit figure, 6 per cent higher than in 1994, in January after its share price was driven down by rumours about its performance (MEED 26:1:96).
Analysts say the full results show the bank in a positive light, with healthy growth in all areas. Total assets rose by 26 per cent to [pounds]E 7,775 million ($2,294 million), deposits increased by 34 per cent and loans by 48 per cent. The loan:asset ratio rose to 66 per cent from 56 per ...