ADIB Egypt

Follow

We Upgrade our FV to EGP 28.50/share as stock takes-off post conclusion of capital increase. FV is based on 500 million shares, post the conclusion of capital increase, implying a P/B23 of 1.2x and P/E23 of 6.4x. The bank is currently trading at 0.9x...

Sector Outlook, Hopes, Fears, and Picks. Interbank Comparison. Individual Banks Fundamental Review.

Strong sequential and annual performance was driven by: strong topline, lower OPEX, and lower effective tax rate q/q. Loans expanded by +8% q/q and +14% YTD and deposits expanding by 6% q/q to bring YTD growth to 9%. The stock is trading at P/E 22 of...

ADIB 1Q22 consolidated net profit pre minority interest recorded a robust EGP444 million (+16% q/q, +34% y/y). Non-interest income represented 18% of operating income in 1Q22 (+219 bps q/q). The bank booked provisions in 1Q22 amounting to EGP 27 mill...

ADIB 4Q21 consolidated net profit pre minority interest recorded EGP381 million (-2% q/q, +8% y/y). On a full-year basis, the bottom line came in line with our estimates, recording a strong EGP1,451 million (+21% y/y, and 1% higher than Pharos estima...

Total financing growth went down to a single digit in 9M21, since a significant increase happened within the contingent facilities (LCs and LGs) by almost EGP 7 billion, which did not reflect on lending numbers. SMEs financing in 2021 increased by 1....