Report
EUR 9.28 For Business Accounts Only

Credit Agricole Egypt - Q3: NIMs and profitability are key fortes


  • Ticks all the boxes (NIM expansion, positive JAWs, sound asset quality, strong dividend paying capacity), though we mind RWAs uplift on USD/EUR exposure in Q4.
  • We up our NIM forecasts (+20bps FY 16e) and loan growth forecasts (+97bps FY 16e)
  • Balance sheet optimization is core strategy and could further boost profitability

Underlying
Credit Agricole Egypt

Credit Agricole Egypt is a commercial banking group based in Egypt. Co. is engaged in full-service retail banking in France and Europe. Co. provides corporate banking, retail, and investment banking services in the Arab Republic of Egypt and foreign countries through its 73 branches. Co. maintains operations in 70 countries, and is a partner in supporting clients with their projects in all areas of retail banking and associated specialized business lines: day-to-day banking, savings, home and consumer loans, insurance, private banking, asset management, leasing and factoring, and corporate and investment banking.

Provider
Arqaam Capital
Arqaam Capital

Established in 2007, Arqaam Capital is a specialist emerging markets investment bank, bringing regional and international product offerings to the emerging markets. Arqaam Capital combines international best practice with expertise in the markets in which we operate. Our primary role is to provide financial intermediation and create investment opportunities for frontier and emerging markets investors looking to invest in their own markets and abroad, as well as international investors seeking opportunities in target frontier and emerging markets. Arqaam Capital is headquartered in the Dubai International Financial Centre (DIFC), with additional offices in Libya, Lebanon, Egypt, and South Africa. 

Arqaam Capital's research platform provides the largest coverage footprint of MENA equities and one of the largest on the African continent with a total of 300 stocks under coverage. Arqaam Capital is ranked as one of the leading research providers in the region - a reflection of its broad coverage universe, its in-depth and high quality research, as well the compelling investment ideas that the team generates. The analysts closely analyze their sectors and issue in-depth company and sector research while the strategy team connects the micro with the macro, focusing on index analysis, macroeconomics and strategy research. 

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