Cairo – Mubasher: Okaz Financial Investments said it reduced the fair value of CIB to EGP 43.56, putting forward a “Strong Buy” recommendation on the bank as it hiked up its capital and distributed bonus shares in 2015.
Last September, CIB increased its capital from EGP9.17 billion to EGP11.47 billion, distributing one bonus share for every four shares.
The bank’s total earnings per share are expected to reach 42%, including a projected coupon yield of 4%, Okaz said.
CIB consolidated net profits were expected to nudge up by 34.7% to EGP 5.04 billion until 2015 and to rise 24% during the period from 2015 to 2019.
Okaz added that CIB’s net commissions and bank fees are forecast to edge up by 9.6% to EGP1.8 billion and by 7% at a compound annual growth rate (CAGR) over five years. Net loans are also seen to rise by 19% and deposits by 23% at CAGR over five years.
