Egyptian Gulf Bank: 2Q22 – Annually strong quarter but sequentially weak

  • Net profit rose cautiously despite no growth in topline and higher OPEX, mainly on lower booked provisions and tax rate

  • Lending growth shrank by 4% q/q bringing YTD growth down to 7%. Deposits slightly expanded by 1% q/q and 10% YTD

  • EGBE is currently trading at P/E22 of 4.6x and P/B22 of 0.5x

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