ADIB-E expects negative earnings impact from proposed tax amendments of up to 8% in FY19
ADIB-Egypt issued a press release, in which it estimates the negative earnings impact of the upcoming changes in the Tax Law to be up to 8% for FY19, based on the proposal of the Ministry of Finance. The negative impact would be up to 5% for FY19 if all provisions are allocated to the cost base of the lending business, as per the proposal of the Federation of Egyptian Banks. As the press release mentions, the final formula that banks will be using to calculate taxes as per the new law has not been finalised yet.
Abu Dhabi Islamic Bank - Egypt: EGP10.47 as of 9 Dec. 2018, Rating: Buy, TP: EGP17.50/share, MCap: USD117mn, ADIB EY/ADIB.CA
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