Al Baraka Bank Egypt: 2Q22 – Strong margins trickle down to bottom line

  • The sequential improvement is mainly attributed to 1) robust margins, and 2) controlled OPEX

  • Gross financing facilities expanded by 8% q/q reaching 19% YTD, while customer deposits expanded by 1% q/q and 1% YTD

  • The stock is one of the cheapest amongst listed banks. The stock is currently trading at P/B22 of 0.5x and P/E22 of 2.4x

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