Beltone Financial stated that Commercial International Bank (CIB) earnings were 11 percent short of their estimate on higher-than-expected provisions, yet the results were still 5 percent above the Bloomberg consensus estimate.
CIB released its 4Q2013 results yesterday. Earnings came in at LE757 million, up 28.9 percent YOY and down 17.7 percent QOQ, and operating income was at LE1.86 billion, up 20.5 percent YOY and 3.1 percent QOQ.
Beltone added in a research note “4Q2013 was an overall good quarter for CIB, Growth in fee income was healthy.”
Edited translation from Al-Masry Al-Youm
