Egypt’s CIB says 2011 net profit fell 20.1 pct

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By Reuters

CAIRO: Commercial International Bank (CIB), Egypt’s biggest private bank by assets, said on Wednesday its consolidated net profit fell 20.1 pct in 2011 to LE1.62 billion Egyptian pounds ($268.4 million).

The decline in profit was “primarily driven by much higher provisions” taken “as a pre-emptive measure to cope with the ongoing economic upheaval Egypt is witnessing,” the bank said in a statement.

Provisions rose to LE321 million pounds from LE6 million in 2010, it said.
Net loans increased to LE41.07 billion pounds at the end of 2011 from LE35.18 billion a year earlier, CIB said.


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