Commercial International Bank (CIB), Egypt's biggest private bank by assets, has posted a net profit for the quarter at EGP528.8 million ($94.37 million), up from a restated EGP472.0 million in the first quarter of 2009.

The bank said net income for the first quarter of 2010 rose 12 per cent.

Its board of directors approved a dividend for the quarter of one share for every one held, the bank said in an emailed statement.

Net loans and overdrafts as of March 31 climbed to EGP29.34 billion from EGP27.24 billion a year earlier, it added. – Reuters