Earnings Report /Egypt
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%.