Egypt's CIB Q2 net falls 11pct on unrest

Egypt's Commercial International Bank reported an 11 per cent dip in second-quarter net profit on Wednesday after political and economic turmoil dented its dividends, foreign exchange income and the value of sold investments.

Net income was 443 million Egyptian pounds ($74.3m), down from 496m pounds in the same period a year earlier, the company said in a statement. It was higher than an average analyst forecast of 403m pounds in a Reuters poll.

Egypt's business sector is struggling to recover from the disruption that followed President Hosni Mubarak's overthrow, and banks have been hit further by a weak financial market and an exodus of foreign investors.