Earnings Report /
Egypt

Al Baraka Bank Egypt: Interim bottom-line surges on one-off gains; lending growth is questionable

  • Quarterly earnings supported by non-funded income and lower taxes; FDR shrinks

  • Reiterate Equalweight on SAUD on FV of EGP15.00/share, on the back of the bank’s positive but unsustainable performance

  • SAUD is currently trading at attractive multiples though: at P/B21 of 0.6x and P/E of 3.7x, with ROAE of 16.2%

Bassma Bakry
Al Ahly Pharos Securities Brokerage
11 August 2021