Commercial International Bank [COMI]: Tamed Credit Provisions Spur Annual Growth
Overweight and 12M PT maintained
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Commercial International Bank [COMI]
Egypt / Banks / Q2 2021 Results
12MPT: EGP83.0 (+53%)
set on 25 Oct 2020
Investment Rating: Overweight | Risk Rating: Medium
Double-digit earnings growth, thanks to lower provisions build-up
H1 2021 separate net profits grew 22% y/y to EGP6.1bn as a result of lower provisions build-up of EGP1.02bn (-55% y/y). This was despite lower net interest income (NII) of EGP11.7bn (-6.4% y/y). The bank’s strong earnings growth was further complemented by higher net fees and commissions income of EGP1.1bn (+13% y/y), as well as lower effective tax rates of 29.7% (-400bps y/y).
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Shihab M. Helmy
Senior Equity Analyst
T +202 3300 5723