Earnings Report /
Egypt

QNB Alahli: 3Q2021 – earnings wane on higher expenses amid stable operations; lending wanes

  • 3Q21 bottom line declined sequentially and witnessed limited annual growth mainly on higher other operating expenses.

  • Provisions coverage declined to 132% (-11 pps q/q) as a result of lower CoR at 0.7, against a stable NPLs ratio of 3.8%.

  • Lending growth waned in 3Q21, inching up by only +0.2% q/q while deposits expanded by 8% q/q.

Dalia Bonna
Al Ahly Pharos Securities Brokerage
11 October 2021