Reuters – Egypt’s biggest listed bank, Commercial International Bank, posted a 29% rise in fourth quarter net profit to EGP 757m ($109m), it said on Wednesday.
The bank’s revenues for the fourth quarter rose by 15% to EGP 1.74bn.
CIB posted a 35% rise in net profit for the full year in 2013. It made EGP 3bn, compared with EGP 2.2bn a year earlier.
The bank posted a record revenue of EGP 6.98bn, 31% higher than the previous year.
Egyptian banks such as CIB have been able to keep their bottom lines growing thanks partly to high interest rates paid by the state last year for its short-term borrowing.
State borrowing costs rose as foreign investors exited the local treasury market, tax receipts suffered from a weak economy and the government boosted spending to meet popular demands for better living standards after an uprising against President Hosni Mubarak in 2011.
