Egyptian Gulf Bank (EGB) issued a brief press release stating that 3Q16 net income stood at EGP70mn, a decline of 30% Y-o-Y and 53% Q-o-Q. The actual net income in 3Q16 misses our forecast of EGP110mn by 37%. Pre-tax income increased 6% Y-o-Y (-31% Q-o-Q) and came in 11% below our estimate, which suggests that tax charges were an area of negative surprise. Net interest income was strong, up 89% Y-o-Y and 3% above our forecast, on the back of strong loan growth at 18% Q-o-Q and 95% Y-o-Y, beating our forecast by 6%, in line with EGB’s aggressive lending expansion in the past two years. (Earnings release, Elena Sanchez-Cabezudo, Rajae Aadel)   Egyptian Gulf Bank: EGP1.20 as of 26 October 2016, Rating: Neutral, FV: EGP1.33 per share, MCap: USD345mn, EGBE EY / EGBE.CA