Egypt's CIB, the country's biggest listed bank, said on Tuesday its second-quarter consolidated net income rose 28 per cent year-on-year as it diverted more money into profitable government securities.

Net income rose to 671 million Egyptian pounds ($96.01 million) from 523 million in the second quarter of 2012. Revenue rose by an annual 49 per cent to 1.83 billion pounds. Deposits rose 15.8 per cent in the first six months of 2013 to 91.2 billion pounds while loans grew by only 1 per cent to 43.2 billion.

Net interest income grew 36.6 per cent year on year to 1.27 billion pounds, it said.

Treasury bills and government notes skyrocketed 122 per cent to 17.8 billion pounds.

The loan to deposit rate fell to 49.8 per cent from 55.8 per cent a year earlier. - Reuters