Commercial International Bank: Earnings Growth Driven by Lower Provisions
Overweight and 12M PT maintained
Commercial International Bank [COMI]
Egypt / Banks / Q1 2021 Results
Fair Value EGP94.0
set on 6 Oct 2020
Investment Rating: Overweight | Risk Rating: Medium
Double-digit earnings growth, thanks to lower provisions build-up: Q1 2021 separate net profits grew 20% y/y to EGP2.9bn as a result of lower provisions build-up (-43% y/y) of EGP702mn (-38% q/q). This was despite lower net interest income (NII) (-8% y/y) of EGP5.7bn (-9% q/q).
Shihab M. Helmy
Equity Analyst
T +202 3300 5723