Earnings Report /Egypt
Credit Agricole Egypt: 1Q – Non-interest income provides support amid weak margins and high provisions
Non-interest income drives sequential growth in profits while provisions cause the annual decline
Loans remained stable against a 6% increase in deposits pushing LDR down to 62% as of Mar-2021 from 66%.
The stock is currently trading at 5.3x P/E21 (where EPS expands by 15% y/y in 2021) and 0.9x P/B21 with ROAE of 18%.