MEMPHIS REISEN

CIB to issue financial instruments worth $1bn, increase its capital to EGP 30.431bn – Dailynewsegypt

The Commercial International Bank – Egypt (CIB) announced that it will hold an extraordinary general assembly of its shareholders on 25 March to seek their approval for issuing financial instruments or supporting loans or deposits or mixed financial instruments up to a maximum of $1bn or its equivalent in local or other foreign currencies.

The purpose of the issuance is to finance the bank’s activities and to include the financial instruments within the bank’s general capital or supported capital “the second tranche” as needed. This is in addition to the remaining part of the approval issued by the Extraordinary General Assembly in early 2023.

The bank said in a statement to the Egyptian Exchange today, Tuesday, that the board of directors will be authorised to determine the necessary terms, take all necessary actions and steps related to the proposed issuances, and make any amendments to these terms according to regulatory requirements.

The bank also invited its shareholders to attend an ordinary general assembly to approve the increase of the bank’s issued and paid-up capital from EGP 30.195bn to EGP 30.431bn, with an increase of EGP 236.570m distributed over 23.657 million shares.

The bank explained that these shares represent the fifteenth tranche of the incentive and reward program for the bank’s employees and managers through the promise of sale, approved by the Financial Regulatory Authority.

The bank had previously reported pre-tax profits of EGP 41.6bn in 2023, compared to EGP 23.941bn in 2022, with an increase of EGP 17.712bn. Net profit amounted to EGP 29.710bn, compared to EGP 16.172bn, and net income from returns amounted to EGP 52.929bn, compared to EGP 31.004bn.