Arab Finance: Announce Commercial International Bank – Egypt (CIB) (COMI)Reducing interest rates by 2% on 3 types of fixed-income savings certificates, starting Tuesday.
This reduction comes for the second time in 2024, according to price data published on the bank’s website.
It is worth noting that this decision came before the meeting of the Central Bank of Egypt to discuss the fate of the interest rates on deposits and lending tomorrow, Thursday, and it is expected Financial Research Department at HC Securities The investment is that the Monetary Policy Committee of the Central Bank of Egypt will keep the interest rate unchanged at its meeting scheduled to be held on Thursday, October 17, 2024, according to the statement sent on October 13.
announced the results of its business during the period from 01/01/2024 to 06/30/2024, which showed achieving a combined net profit of 27.546 billion pounds, compared to the company achieving a net profit of 14.052 billion pounds during the period from 01/01/2023 to 06/30/ 2023.
In the same context, the bank achieved an independent net profit for the period from 01/01/2024 to 06/30/2024, estimated at about 27.683 billion pounds, compared to a net profit of 14.143 billion pounds, during the comparative period of the previous fiscal year.
It is worth noting that the net profits or losses for the year are calculated according to the share of owners of the parent company.
Commercial International Bank (CIB) is the largest private sector bank in Egypt, providing a wide and distinguished range of banking products and services to its clients, which includes more than 500 of the largest institutions and companies operating in Egypt of various types. Thanks to its pioneering brand, Commercial International Bank has succeeded in providing the best financial solutions to its individual clients and small and medium-sized companies, which has enabled it to attract more new clients, thereby maintaining its position as the most profitable commercial bank in Egypt for more than 40 years. The Commercial International Bank (CIB) was established in 1975 under the name Chase National Bank of Egypt, with joint ownership between Chase Manhattan Bank and the National Bank of Egypt.
In 1987, Chase Manhattan Bank decided to sell its share of shares to the National Bank of Egypt, which changed the name of the bank to the Commercial International Bank – Egypt. The bank aims to provide its customers with the luxury of innovative banking services through an integrated financial platform that transforms our traditional banking services into financial solutions that keep pace with technological development and are characterized by simplicity, comprehensive spread, and ease of communication with customers, through investing in our human resources and digital technological infrastructure.
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