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Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Commercial International Bank (Egypt) SAE ("CIB") and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 5 March 2025 in which we reassessed the appropriateness o...
- Bassma Bakry
- Dalia Bonna
Egypt Banking Sector 2023: Attempting to counterbalance macro factors
Please find attached our banking sector update for 2023, in which we present: Sector Outlook, Hopes, Fears, and Picks * Sector Outlook, Hopes, Fears, and Picks * Valuation and Multiples Interbank Comparison * Market Share and Utilization * Balance Sheet * Income Statement * Capital Adequacy * Tax Law Calculation Individual Banks Fundamental Review * Commercial International Bank (COMI) * Qatar National Bank (QNBA) * Credit Agricole Egypt (CIEB)...
HDBK HOUSING & DEVELOPMENT BANK
CIEB CREDIT AGRICOLE EGYPT
EGBE EGYPTIAN GULF BANK
CANA SUEZ CANAL BANK
ADIB ABU DHABI ISLAMIC BANK EGYPT
SAUD AL BARAKA BANK EGYPT
QNBA QATAR NATIONAL BANK ALAHLY
FAIT FAISAL ISLAMIC BANK OF EGYPT
EXPA EXPORT DEVELOPMENT BANK OF EGYPT
- Dalia Bonna
CIB: 3Q22 – Outstanding quarter
STRONG NIM AND NON-INTEREST INCOME TRICKLE DOWN TO BOTTOM LINE DESPITE HIGHER PROVISIONS SEQUENTIALLY AND HIGHER OPEX ANNUALLY; LDR DECLINES ON HIGHER DEPOSITS CIB 3Q22 net profit post minority recorded a robust EGP4.41 billion (+26% q/q, +16% y/y, and 9% higher than our estimates), bringing 9M22 net profit post minority to EGP12.16 billion (+23% y/y).The sequential expansion came on the back of 1) strong NIM, 2) robust non-interest income growth, 3) softer growth in OPEX, and 4) lower effec...
- Maryam Saleh
- Monsef Morsy
- Sherif Eletr
Egypt banks | Higher RRR: A manageable headwind; flag CAE
Higher RRR is negative, at face value, … On 22 September, the CBE hiked the reserve requirement ratio (RRR) on short-term LCY deposits by 4pp to 18.0% in effort to tighten liquidity and combat inflationary pressures. We calculate this should result in the absorption of cEGP150bn in excess liquidity from the system, which would be deposited at the CBE with no return. The RRR on FCY deposits was maintained at 10%. We expect banks will satisfy the higher liquidity requirement mainly through reducin...
- Dalia Bonna
CIB: 2Q22 – Annually strong quarter but sequentially weak
A plunge in non-interest income and sequentially higher provisions wipe sequential growth while margins and lower OPEX support earnings; LDR improves CIB 2Q22 net profit post minority recorded a robust EGP3,511 billion (-17% q/q, +9% y/y), bringing 1H22 net profit post minority to EGP7.8 billion (+27% y/y).The sequential contraction came on the back of 1) weak non-interest income (on lower fees and commissions and investment income), and 2) higher booked provisions versus provisions reversals...
- Dalia Bonna
CIB: 1Q22– Outstanding quarter driven by non-interest income and provi...
PROFITS IMPRESS DESPITE LOWER SEQUENTIAL MARGINS AND HIGHER OPEX; LDR IMPROVES CIB 1Q22 net profit post minority recorded a robust EGP4,244 billion (+26% q/q, +48% y/y). The annual and sequential expansion came on the back of 1) strong non-interest income driven by profit from selling financial instruments and forward FX deals revaluation, 2) provisions reversals, and 3) stable effective tax rate, despite lower margins on a sequential basis and higher OPEX on an annual and sequential basis. I...
COMMERCIAL INTL BANK sees a downgrade to Neutral on account of less fu...
The independent financial analyst theScreener just lowered the general evaluation of COMMERCIAL INTL BANK (EG), active in the Money Center Banks industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date February 22, 2022, the closing price was EGP 50.0...
- Dalia Bonna
CIB: FY21 in line with guidance supported by lower provisions despite ...
PROFITS WANE SEQUENTIALLY DESPITE HEALTHY TOPLINE BUT IMPROVE ANNUALLY ON LOWER PROVISIONS; LDR IMPROVES CIB 4Q21 net profit recorded a robust EGP3.37 billion (-12% q/q, +16% y/y, 5% higher than Pharos estimates of EGP3.20 billion), bringing FY21 bottom line to EGP13.27 billion (+30% y/y, and only 1% higher than Pharos estimates of EGP 13.10 billion). The sequential decline came despite stronger margins, mainly driven by: 1) weak non-interest income, 2) surging OPEX, 3) higher provisions, and...
- Dalia Bonna
CIB: Management webinar key takeaways
NIM * Since there is no risk of interest rates going down in the medium term or at least over the next three to six months, margins are expected to stabilize or hold ground at least for 2022. NIM will also be supported by the local currency liquidity in the market which supports the lower cost of funds and accordingly profitability and margins. Non-Interest Income * CBE waving all the fees eats up around EGP 350-400 million from the bottom line (3% of 2021e bottom line of EGP 13 billio...
- Bassma Bakry
- Dalia Bonna
Egypt Banking Sector 2022: Supported by macro backdrop
Please find attached our banking sector update for 2022, in which we present: Sector Outlook, Hopes, Fears, and Picks * Sector Outlook, Hopes, Fears, and Picks * Valuation and Multiples Interbank Comparison * Market Share and Utilization * Balance Sheet * Income Statement * Capital Adequacy * Tax Issue Individual Banks Fundamental Review * Commercial International Bank (COMI) * Qatar National Bank (QNBA) * Credit Agricole Egypt (CIEB) * Hou...
HDBK HOUSING & DEVELOPMENT BANK
CIEB CREDIT AGRICOLE EGYPT
EGBE EGYPTIAN GULF BANK
CANA SUEZ CANAL BANK
ADIB ABU DHABI ISLAMIC BANK EGYPT
SAUD AL BARAKA BANK EGYPT
QNBA QATAR NATIONAL BANK ALAHLY
FAIT FAISAL ISLAMIC BANK OF EGYPT
EXPA EXPORT DEVELOPMENT BANK OF EGYPT
- Dalia Bonna
CIB: 3Q21 – Outstanding quarter on strong margins; Corporate lending r...
PROFITS GROW SEQUENTIALLY ON STRONG MARGINS AND CONTROLLED OPEX; AND ANNUALLY ON LOWER PROVISIONS AND EFFECTIVE TAX RATE; LDR IMPROVES CIB 3Q21 net profit recorded a robust EGP3.8 billion (+19% q/q, +62% y/y), which 18% higher than our estimates for the quarter of EGP3.2 billion, bringing 9M21 bottom line to EGP9.9 billion. Sequential expansion mainly came on the back of strong margins and controlled opex, while the bank continued to book adequate provisions with an improved NPL ratio. Annual...
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