Credit Agricole Egypt (CAE) issued a press release, stating that its net income for 2Q16 stood at EGP314mn, up a strong 30% Y-o-Y (-1% Q-o-Q) and exceeding our forecast of EGP298mn by 5%.   CAE has only released two other figures from its income statement: i) net interest income, which increased a healthy 21% Y-o-Y and 8% Q-o-Q, and came in 3% ahead of our forecast; and ii) and pre-tax income, up 18% Y-o-Y and 1% Q-o-Q, 6% ahead of our forecast.   Gross loans increased 5% Y-o-Y and 2% Q-o-Q, with growth being unchanged from the 2% Q-o-Q growth reported in 1Q16. Customer deposits increased 3% Y-o-Y and 1.6% Q-o-Q, compared to 2.7% Q-o-Q growth in March 2016. We note that deposit growth has been slow for CAE over the past year, as the bank has ample liquidity, and as it does not have a strong focus on investing in government securities other than for liquidity purposes. (Company disclosure, Elena Sanchez-Cabezudo, Rajae Aadel)   Credit Agricole: EGP24.49 as of 31 July 2016, Rating: Buy, FV: EGP26.66 per share, MCap: USD857mn, CIEB EY / CIEB.CA