Cairo – Mubasher: The Financial Regulatory Authority (FRA) granted its approval for the Commercial International Bank-Egypt (CIB) to increase the issued and paid-up capital to EGP 30.43 billion from EGP 30.19 billion.
CIB aims to raise its issued and paid-up capital by EGP 236.57 million distributed over 23.65 million shares at a nominal value of EGP 10 per share, according to a bourse filing.
The FRA greenlighted the capital hike on 18 February 2024, yet, it is still subject to the approval of the ordinary general meeting (OGM) and the Central Bank of Egypt (CBE).
In the 12-month period that ended on 31 December 2023, the EGX-listed lender logged net profits valued at EGP 29.66 billion, an annual jump from EGP 16.17 billion.
Meanwhile, the standalone net profits after tax hiked to EGP 28.76 billion last year from EGP 16.13 billion in 2022.
