CIB – 2016 RESULTS COMMENTARY

​CIB exceeded our expectations of reporting a bottom line of EGP 5.6bn during 2016, with the bank’s reported net profit reached another record of EGP 6.01bn, registers an annual increase of 27%. The difference came mainly as a result of keeping provisions far less than our estimates. As CIB recorded provisions of EGP 893mn, 47% less than EGP 1,682mn that was recorded in 2015. While we were assuming provisions to soar in 4Q2016, on the back of Floatation, to end the year with provisions of EG...