Faisal Islamic Bank FY18 earnings up 46% Y-o-Y; beat our estimate by 10%
Faisal Islamic Bank issued a brief release to EGX in which it stated that its standalone net income for FY18 reached EGP2.52bn, an increase of 46% Y-o-Y, coming in 10% ahead of our estimate of EGP2.30bn. Net income in 4Q18 was EGP551mn, down 5% Y-o-Y and 12% Q-o-Q, beating our estimate of EGP327mn. Net interest income increased 21% Y-o-Y and 11% Q-o-Q in 4Q18.
Faisal Islamic Bank of Egypt: USD1.02 as of 9 Jan. 2019, Rating: Neutral, TP: USD1.20/share, MCap: USD362mn, FAITA EY/FAITA.CA
Elena Sanchez-Cabezudo, Ahmed El-Shazly
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