The Commercial International Bank’s (CIB) board of directors has agreed to raise issued capital to EGP 50 billion from EGP 20 billion, according to a bourse filing on Thursday.
In August, the board of the bank approved to raise issued capital to EGP 14.58 billion from EGP 11.6 billion through bonus shares distribution.
The board agreed to distribute bonus shares resulted from the capital increase at a 1-for-4 ratio.
CIB last reported a 24% year-on-year increase in profits for the first nine months of 2018.
Profits amounted to EGP 7.01 billion during the nine-month period ended 30 September, rising from EGP 5.67 billion in the same period of the previous year.