Commercial International Bank [COMI]:
Strong Lending Growth Supports Profitability Despite Tough Times
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Egypt / Banks / Q2 2020 results
Q2 2020 consolidated net profit after minority interest grew to EGP2.6bn (+8.4% q/q) as a result of lower provisions build-up (-18% q/q), while NII grew marginally to EGP6.3bn (+1.4% q/q).
●NIM inched up 60bps q/q to 7.9% in Q2 2020, supported mainly by healthy lending volume growth, coupled with lucrative inter-bank rates and thanks to high growth in due from banks, which was partially offset by 300bps lower corridor rates.
Shihab M. Helmy
Equity Analyst
Tel.: +202 3300 5722