Cairo – The ordinary general meeting (OGM) of Commercial International Bank-Egypt (CIB) approved the distribution of EGP 0.55 per share in cash dividends for 2023.

Eligible shares amount to more than 3.01 billion, according to a bourse filing.

Capital Hike

The OGM also approved increasing issued and paid-up capital by EGP 236.57 million to EGP 30.43 billion from EGP 30.19 billion.

Debt Instruments

Moreover, the bank’s extraordinary general meeting (EGM) ratified delegating the board to issue financial instruments, including senior or subordinated bonds or deposits, or hybrid financial instruments at a maximum value of $1 billion or their equivalent in local or other foreign currencies.

Proceeds from the issuance will finance various activities of the bank.

It is worth noting that CIB’s consolidated net profits jumped to EGP 29.66 billion in 2023 from EGP 16.17 billion in 2022.

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