Corporate news
Commercial International Bank [COMI]
The management revealed the bank’s strategy until 2030
1) Expand and diversify the bank’s core operation in Consumer Business and Corporate Business targeting significant growth in market share to 10% and a consumer base of 5mn
( exclude digital bank)
2) Solidify the bank’s Corporate leadership in the market with a targeted average share of wallet of 30%
3) Build the leading digital platform in Egypt designed to deliver seamless mobile - first financial solutions
4) Capitalize on trade corridor synergies and core-border opportunities in the GCC region
5) Leverage our Kenya franchise to capture regional trade flows and deepen client connectivty for an enhanced value proposition
6) Accelerate double digit expansion in deposits and loans to capture market leadership 10% loans & deposits market share, 65% loans to deposits ratio, 20% Loans CAGR and 18% deposits CAGR
7)Growing the bank’s customer footprint to balance growth with diversified revenue mix 15mn customers in Consumer and Digital Bank ,30% average share of wallet for Corporate Customers, 40% consumer digital sales and 5% Kenya / International profit contribution
8) Delivering superior returns and consistent profit growth for shareholders 20% ROE, 10% net profit CAGR and fee and commission contribution 23%
The stock is currently trading at TTM PE5x compared to average 5 years historical 7x implying a fair value per share of EGP 149.
Walaa Mosalam - Prime Research
WMosalam@egy.primegroup.org