Al Baraka Bank Egypt 2Q17: Strong topline and decline in opex drive 25% Y-o-Y growth in earnings
2Q17 net income up 25% Y-o-Y; 3% Q-o-Q; in-line with EFGe: Al Baraka Bank Egypt has reported 2Q17 net income of EGP160mn, up 25% Y-o-Y and 3% Q-o-Q, coming in broadly in line with our estimate of EGP166mn (-3%).
Al Baraka Bank Egypt: EGP13.70 as of 7 Aug. 2017, Rating: Buy, TP: EGP15.40/share, MCap: USD121mn, SAUD EY/SAUD.CA
Rajae Aadel, Elena Sanchez-Cabezudo, CFA.
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