Egypt

ADIB Egypt: 1Q20 – High OPEX overshadows strong operational quarter; lending expands

  • High OPEX overshadow strong operational quarter

  • We reiterate our equalweight recommendation on ADIB on FV of EGP12.75/share, pending the conclusion of the rights issue

  • Decline in profits was mainly mostly attributed to a spike in ‘other operating expenses’ coupled with a higher effective

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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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