Egypt’s Commercial International Bank (CIB) reported profits of 173.98 million Egyptian pounds ($28 million) for the second quarter of 2003, compared to EP 178.9 million in June 2002, a drop of 2.76 percent.
Income before provisions witnessed a 9.4 percent growth reaching EP 345.8 million, up from EP 316 million. Net interest income also rose by EP 30 million reaching EP 276.7 million, a 12.9 percent growth rate.
Due to the investment classification rules in force since the last quarter of 2002 regarding foreign currency revaluation of investments available for sale, CIB incurred a foreign exchange loss of EP 32 million. However, this was more than offset by a revaluation gain on the trading investments of EP 92.1 million. This was a result of both foreign exchange revaluation and the surge witnessed in stock prices during the second quarter.
Operating margins recorded 39 percent, up from 35.8 percent in 2002. CIB was able to finalize and pay all tax liabilities from 1993 to 2000 at a cost of EP 100 million, fully provided for. Total Assets grew by 15.9 percent during the first six months of 2003 reaching EP 22.9 billion. The bulk of this growth was in Minimum Risk Assets which rose as percentage of Total Assets to reach 37 percent up from 35 percent in December 2002. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
