Al Baraka Bank Egypt

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

The sequential improvement is mainly attributed to 1) robust margins, and 2) controlled OPEX. Gross financing facilities expanded by 8% q/q reaching 19% YTD, while customer deposits expanded by 1% q/q and 1% YTD. The stock is one of the cheapest amon...

SAUD 1Q22 net profit recorded EGP369 million (+37% y/y, +3797% q/q), 26% higher than our estimates for 1Q22. On a sequential basis, efficiency improved over 1Q22, since operating income expanded by 15% q/q, coupled with a decrease in OPEX of 30% q/q,...

SAUD 4Q21 net profit pre-minority interest and appropriations recorded EGP9 million (-98% q/q, -93% y/y), bringing 2021 bottom line to EGP1.13 billion (-9% y/y). NFM declined and stood at 3.5% (-105 bps q/q) as net funded income recorded EGP615 milli...

Sector outlook, hopes, fears, and picks. Interbank comparison. Individual banks fundamental review.

SAUD 3Q21 net profit pre-minority interest and appropriations recorded EGP501 million (+42% q/q, -13% y/y), bringing 9M21 bottom line to EGP1.12 billion (+0.3% y/y). Efficiency remained as is, since operating income expanded by 11% q/q coupled with a...