CIB net income more than doubles in 2Q 2023

Commercial International Bank’s earnings more than doubled y-o-y in 2Q 2023 as net interest income grew, according to its latest earnings release (pdf). The EGX-listed lender reported net income of almost EGP 8 bn during the April-June quarter, up 127% from the same quarter last year. The bank said the results were “primarily driven by strong balance sheet growth,” which resulted in net interest income climbing 86% y-o-y to more than EGP 13 bn.