Earnings Report /
Egypt

CIB: 2Q22 – Annually strong quarter but sequentially weak

  • A plunge in non-interest income and sequentially higher provisions wipe sequential growth

  • 1H22 still came in higher than 1H21 boosted by a robust topline coupled with a drop in provisions, despite higher OPEX

  • The stock is trading at P/E2022 of 5.2x and P/B2022 of 0.9x, on an attributable basis, post minority and appropriations

Dalia Bonna
Dalia Bonna

Assistant VP

Al Ahly Pharos Securities Brokerage
25 July 2022

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