Bassma Bakry

The sequential improvement is mainly attributed to 1) robust margins, and 2) controlled OPEX. Gross financing facilities expanded by 8% q/q reaching 19% YTD, while customer deposits expanded by 1% q/q and 1% YTD. The stock is one of the cheapest amon...

Net profit rose cautiously despite no growth in topline and higher OPEX, mainly on lower booked provisions and tax rate. Lending growth shrank by 4% q/q bringing YTD growth down to 7%. Deposits slightly expanded by 1% q/q and 10% YTD. EGBE is current...

CANA 1Q22 net profit pre-appropriations recorded EGP96 million (-17% y/y, -58% q/q), which is 16% lower than our estimates for 1Q22. The bottom line plummeted on an annual basis mainly on the back of 1) high base effect as the non-interest income dec...

FAIT 1Q22 net profit stood at EGP1,311 million (+116% y/y, +11% q/q), while attributable net profit recorded EGP1,290 million (+123% y/y, +8% q/q). This significant growth came in despite a 49% y/y increase in OPEX driven by admin expenses and a 91% ...

EGBE 1Q22 standalone net profit pre appropriations recorded EGP197 million (+24% y/y, +5% q/q), which is 4% higher than our bottom-line estimate of EGP191 million. The balance sheet implied that the lending growth started to pick up sequentially and ...

We Initiate coverage on BINV with an overweight recommendation, based on an equity value of EGP2,827 million and a fair value of EGP17.67/share, offering an upside of 105%. Lastly, the company currently has an exercisable put option to sell its remai...