Monday 22 February 2021 / 3:00 PM CLT
Egypt / Non-Banking Financials / Q4 2020 Results
NBFS continues to dominate group results: CI Capital Holding’s [CICH] top and bottom line in 2020 continued to be dominated by its non-banking financial services (NBFS) platform. NBFS represented 81% of total revenues and 90% of the bottom line (76% of which came from Corplease). ROAE came at the low end of 16%, albeit higher than our expectation of 15% and down from 22% in 2019. This was mainly due to weaker total revenues of EGP2.4bn (-10% y/y) as IB revenues alone fell 21% y/y, causing the group’s bottom line to drop to EGP475mn (-13% y/y).
Sherif El Etr
Equity Analyst
T +202 3300 5720