Commercial International Bank (CIB) will raise up to EGP8 billion ($1 billion) to fund expansion after its board backed the plan, Egypt's largest listed company said.

The funds will be raised through local or international bonds issued between 2016 and 2018, depending on the needs of the bank, a source at the bank told Reuters.

CIB, which last year bought Citigroup's retail business in Egypt, did not give specific details on its growth plan.

CIB in a separate statement proposed a dividend of EGP0.75 per share for 2015, down from EGP1.20, to boost its capital adequacy ratio.

On Wednesday CIB reported a 26 percent jump in 2015 net profit to a record EGP4.7 billion. Net profit for the fourth quarter rose 11 percent to EGP1.15 billion.

Naeem Brokerage upgraded its recommendation to "Buy" from "Accumulate" on the earnings.

However, CIB shares were down 5.2 percent at 1218 (1018 GMT) with some analysts expressing concern about rising provisions for non-performing loans in Q4.

Egypt, home to roughly 90 million people, has relatively few banks and offers opportunities for expansion.

The country has struggled to revive growth, however, since a 2011 uprising scared off foreign investors and tourists. – Reuters