According to Bloomberg, ADIB Egypt reported FY2015 net income of EGP219.2 million, 15% lower Y-o-Y, but 28% ahead of our forecast of EGP172 million. Net income in 4Q2015 stood at EGP79 million, well ahead of our forecast of EGP32 million, and up strongly from EGP28 million in 3Q2015 (+70% Y-o-Y). ADIB Egypt reported in 3Q2015 a large one-off deferred tax charge, which came as a result of the bank having to adjust its tax deferred asset downwards to reflect the new, lower tax rate of 22.5%. According to management, this would have also had an impact on profits in 4Q2015 by a similar amount; hence, we estimated a similar net income number in 4Q2015 compared to 3Q2015. We will provide more details and some colour as to what drove the strong earnings positive surprise after the release of FY2015 financial statements. (Earnings disclosure, Elena Sanchez-Cabezudo, Rajae Aadel)   Abu Dhabi Islamic Bank - Egypt: EGP3.66 as of 21 February 2016, Rating: Buy, FV: EGP7.24 per share, MCap: USD93 million, ADIB EY / ADIB.CA