4Q16 earnings beat our forecast; up 35% Y-o-Y: CIB reported strong FY2016 results with net income of EGP6,009mn (before share of profit for directors and employees), up 27% Y-o-Y, beating earlier management guidance of EGP5.6-5.7bn and our forecast of EGP5,625mn by 7%, mainly on lower-than-expected provisioning charges and operating costs and better-than-expected net interest income. 4Q16 net income of EGP1,541mn was up 35% Y-o-Y (-10% Q-o-Q), well above our estimate of EGP1,157mn. The proposed 2016 cash dividend was EGP0.5/share, which was below our estimate of EGP0.75 and 2015’s EGP0.75. (Company disclosure, Elena Sanchez-Cabezudo, CFA). To read the full report click here