Earnings Report /Egypt
Export Development Bank Of Egypt: 1Q22 – profits surge on healthy operations further driven by lower provisions
Higher margins coupled with lower provisions and tax rate trickle down to bottom line despite higher OPEX
Gross loans expanded by 13% q/q, while customer deposits grew by 4% q/q, pushing LDR ratio to reach 62% (+4.9 pps).
EXPA is trading at P/E22 of 3.9x, and P/B22 of 0.4x, on ROAE of 10%.