Credit Agricole – Egypt’s (CIEB) Q2 earnings expanded 25% annually to EGP610mn, in line with SSEe of EGP584mn (var. +4%). Performance slid sequentially on different P&L aspects; the bottom line fell 12% q/q as net interest income weakened to EGP777mn (-4% q/q, +12% y/y). Also, non-interest income retreated both sequentially and annually to EGP207mn (-12% q/q, -5% y/y). However, lower general provisions as well as reversal of loan loss provisions helped drive earnings higher. Balance sheet growth came almost exclusively on the lending side, as gross loans expanded 4% q/q to EGP24.1bn, in line with SSEe. Treasury investments and inter-bank assets slipped q/q by 0.3% and 10%, respectively. Deposits fell to EGP41.9bn for the second consecutive quarter, below SSEe of EGP43.4bn by 3.5%.
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