Saudi Banks | 3Q16 Preview: Pressures to start materialising
3Q16 earnings to drop by 24% y-o-y on higher CoR and lower volumes. We expect net income for Saudi banks under coverage to decline by 24% y-o-y (30% q-o-q) on higher cost of risk due to increasing provisions and lower volumes during Ramadan and summer. To date, the government intervened to mitigate the impact of the prevailing economic slowdown, hence, banks’ 1H16 financials do not fully reflect the current liquidity squeeze and any asset quality deterioration. We anticipate banks’ margins to be broadly stable in 3Q16 due to unchanged policy rates and continued pressure on CoF.
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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