Earnings Report /
EgyptExport Development Bank Of Egypt: 2Q22 – Satisfactory sequential growth but impressive annually
Earnings were sequentially supported by 1) robust NIM, 2) lower OPEX, and 3) lower effective tax rate
Loans expanded by +2% q/q and +15% YTD and deposits expanding by 5% q/q to bring YTD growth to 9%
EXPA is trading at P/E22 of 4.3x, and P/B22 of 0.4x, on ROAE of 10%
Dalia Bonna
Assistant VP @ Al Ahly Pharos Securities Brokerage
21 August 2022
Published byAl Ahly Pharos Securities Brokerage
