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%.

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