Pharos maintains Equalweight for CIB at FV of LE 105/share

CAIRO – 9 May 2018: Pharos Research maintained its fair value (FV) for Commercial International Bank (CIB) at LE 105 per share, with an ‘Equalweight’ recommendation.

Pharos said in a Wednesday report that the bank’s lending activity recorded a growth of 5 percent in the first quarter of 2018, compared to a 7 percent growth in the whole 2017.

This came after the bank had announced its results of the 2018-first quarter.
CIB’s consolidated profit increased 15 percent in the first quarter of 2018, recording LE 2.02 billion, compared to LE 1.7 billion in the same period of 2017.

Its net income recorded LE 3.2 billion in Q1-2018, compared to LE 2.7 billion in Q1-17.
As per standalone profits, the results jumped to LE 2.017 billion in Q1-18, compared to LE 1.78 billion in the same period of 2017.

Commercial International Bank - Egypt is listed on Egyptian Exchange (EGX) since February 1995. It operates within the banks sector, focusing on diversified banks.
It has 24 subsidiaries operating across Egypt and the United Kingdom. It was established in June 1975.