Abu Dhabi Islamic Bank - Egypt [ADIB]: Unmitigated Temerity
Growth, Profitability, or Both? Reiterated at OW/M
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Abu Dhabi Islamic Bank - Egypt [ADIB]
Egypt / Banks / Core Coverage Update
12MPT: EGP22.6 (+58%, was EGP21.7)
set on 28 Nov 2021
Investment Rating: Overweight | Risk Rating: Medium
In a fast-moving, rapidly changing, and increasingly competitive banking landscape, Abu Dhabi Islamic Bank - Egypt [ADIB] has been following a strategy of aggressive growth to pave its way to profitability. ADIB managed to solve a radical equation; not only did it restructure its business model with an emphasis on size growth, but it also did not let profitability fall by the wayside in the process. This eventually allows the bank to offer its investors above-average returns. The two questions we try to answer here are: (1) “How risky is this high return?” and (2) “Is this wave of fast-paced profitable growth sustainable?”
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Amany Shaaban
Equity Analyst
T +202 3300 5720
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