Bloomberg News

Commercial International Declines to Month Low as Profit Falls

November 16, 2011

Nov. 16 (Bloomberg) -- Commercial International Bank Egypt SAE, the Arab country’s biggest publicly traded lender, headed for the lowest close in almost a month after it reported a 20 percent decline in third-quarter profit.

The shares of the Cairo-based bank lost 1.5 percent to 24.57 Egyptian pounds at 11:57 a.m. in Cairo, poised for the lowest close since Oct. 20. That valued the company at 14.5 billion pounds ($2.4 billion). The benchmark EGX 30 Index retreated 0.2 percent.

Profit fell to 314.2 million pounds from 393 million a year ago.

--Editors: Claudia Maedler, Shaji Mathew

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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