Commercial International Bank poised for multi-year earnings growth

18/05/2015 14:35 AST

Emerging and frontier markets investment bank Renaissance Capital (RenCap) believes Egypt’s Commercial International Bank (CIB)is at the start of a significant, multi-year earnings growth cycle.

RenCap noted that CIB’s Q1 results were ‘qualitatively stronger than we expected, on growth and NIM in particular’, adding that it thinks the bank ‘is at the start of a significant, multi-year earnings growth cycle, with lower credit costs and normalised taxes yet to feature. We reiterate our BUY rating and EGP 69.5 TP’.

RenCap concluded, “We believe very few banks within our emerging or frontier market coverage offer such a strong combination of volume and revenue growth, and fewer still have built such a strong track record over the years.”


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