CIB bought Citigroup’s retail banking business in Egypt
In Q1 2015, CIB released figures in improvement. The NBI increased by 34.7% to EGP2.559bn, yoy. The cost of risk jumped by 128.3% to EGP420.898M, yoy, because of a stricter provisioning policy. However, the bank managed to improve its net result by 37.6% to EGP1.108bn, compared to Q1 2014. 46.6% (EGP516.274M) of the net result came from Retail Banking. Thus, Corporate and Investment Banking contribute 53.4% (EGP591.892M), i.e. a 15.0% decrease compared to 2014 (EGP696.516M in Q1 2014).
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