Earnings Report /
Egypt

Export Development Bank Of Egypt: 3Q21 – Weak quarter despite a shift in investment strategy; Lending shrinks

  • The annual and sequential decline came on the back of: 1) high provisions, 2) soaring effective tax rate

  • Margins improved in 3Q21 by 20 bps, recording 3.8%, driven by higher treasury allocation

  • Gross loans shrank by 1% q/q bringing YTD growth to 5%. Customer deposits surged by 9% q/q bringing YTD growth to 25%

Dalia Bonna
Al Ahly Pharos Securities Brokerage
14 November 2021