Al Baraka, Faisal Bank take first step towards implementing IFRS-9
Al Baraka Bank Egypt has set aside EGP237mn from its 2017 earnings as a reserve in shareholders’ equity, representing 1% of risk-weighted assets to be directed towards the newly introduced account: IFRS-9 risk reserve. The decision of the bank comes as a step towards implementing IFRS-9, which will officially be implemented in 2019. Faisal Islamic Bank of Egypt is also planning to set aside EGP335mn from retained earnings for the IFRS9 reserve in shareholders’ equity.
Al Baraka Bank Egypt: EGP15.07 as of 5 Feb. 2018, Rating: Buy, TP: EGP13.20/share, MCap: USD154mn, SAUD EY/SAUD.CA
Faisal Islamic Bank of Egypt: USD1.14 as of 5 Feb. 2018, Rating: Neutral, TP: USD1.18/share, MCap: USD406mn, FAITA EY/FAITA.CA
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