CAIRO: Egypt s biggest private bank, Commercial International Bank, increased its first-quarter net profit 31 percent to LE 187.56 million ($32.56 million), the bank reported on Wednesday. Net profit for the same three-month period last year was LE 142.91 million, CIB said in a newspaper announcement. Provisions fell to LE 39.73 million from LE 81 million in the previous year, while net operating profit rose to LE 207.33 million from LE 142.91 million. In February, a consortium including U.S. fund Ripplewood Holdings bought an 18.7 percent state in CIB from the National Bank of Egypt for about $230 million. Reuters
CIB Q1 2006 net profit up 31 percent
