The Clap
CIB (COMI) reported financial results for Q1-2022. The bank recorded net income of EGP 4.24 billion, up from EGP 2.87 billion representing an increase of 48% on a yearly basis.
The bank’s revenues also increased 24%, recording EGP 7.77 billion compared to EGP 6.27 billion in Q1-2021. CIB attributed the jump in revenues to the increase in net interest income. For the bank’s full earnings release, click here.
Claps Class
Net interest income is the difference between the income a bank earns from its lending activities and the interest it pays to depositors
In related news
Last week, Emirati fund “ADQ” acquired up to 17% stake in CIB, as part of several investments in EGX-listed companies.
