Credit Agricole Egypt: 2Q22 – Strong operational quarter; LDR expands

  • Sequential performance was limited by lower investment income which wiped out the effect of robust margins.

  • Balance sheet showed healthy growth as gross loans expanded by 5.3% q/q, and 9% YTD, while deposits remained stable.

  • The stock is currently trading at 4.8x P/E22 and 0.8x P/B22 with an ROAE of 18%.

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