Neutral with some pockets of value
Economic backdrop weighs on short-term growth. We expect deposit and loan growth to slow down in 2015 to 8.6% and 8.1%, respectively (vs. 12.4% and 11.6% in 2014), reflecting the expected contraction of economic activity. Credit agreements signed during 2H14 and the 2-month bonus disbursed to employees generated one-off growth in loans (+2.5%) and deposits (+2.7%) in
1Q15. Strong capitalisation (CAR=18%) and asset quality (NPLs=1.1%) should cushion operational downsides. Current valuations (2015e P/BV=1.8x vs. RoE=14.2%) are broadly pricing in the macro backdrop.
CI Capital is a diversified financial services group and Egypt’s leading provider of leasing, microfinance, and investment banking products and services.
Through its headquarters in Cairo and presence in New York and Dubai, CI Capital offers a wide range of financial solutions to a diversified client base that include global and regional institutions and family offices, large corporates, SMEs, and high net worth and individual investors.
CI Capital leverages its full-fledged investment banking platform to provide market leading capital raising and M&A advisory, asset management, securities brokerage, custody and research. Through its subsidiary Corplease, CI Capital offers comprehensive leasing solutions, including finance and operating leases, and sale and leaseback, serving a wide range of corporate clients and SMEs. In addition, CI Capital offers microfinance lending through Egypt’s first licensed MFI, Reefy.
The Group has over 1,700 employees, led by a team of professionals who are among the most experienced in the industry, with complementary backgrounds and skill sets and a deep understanding of local market dynamics.
CI Capital has been recognized as the “Best Investment Bank in Egypt” by EMEA Finance for four years running from 2013-2016, and by Global Finance in 2014 and 2015.
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