Al Baraka Bank Egypt reports very strong increase in 1Q16 net income
Al Baraka Bank Egypt reported 1Q16 net income of EGP127.4mn, a strong increase of 101% Y-o-Y and of 126% Q-o-Q. Actual earnings came in 76% ahead of our forecast of EGP72mn. We will add more colour once the financial statements are available, but we highlight net interest margins should have been an area of strength this quarter. (Earnings release, Elena Sanchez-Cabezudo, Rajae Aadel)
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