Egypt’s Commercial International Bank reports Q1 consolidated revenue of 6.27 billion Egyptian pounds

The tourism-dependant Egyptian economy has suffered during the coronavirus pandemic. (file/Reuters)

• Loss provisions fell 43 percent year on year to EGP702 million

CAIRO: Egypt’s Commercial International Bank reported first-quarter consolidated revenue of EGP6.27 billion ($400 million), a 2 percent year-on-year decline.
First-quarter net income was EGP2.87 billion, a 20 percent increase from the same period in 2020.
Loss provisions fell 43 percent year on year to EGP702 million.
Management said it is remains positive it will continue to be profitable amid macroeconomic volatility caused by the coronavirus pandemic.