Cairo – Mubasher: Pharos Research has maintained their ‘Equalweight’ rating recommendation for Commercial International Bank’s (CIB) stock at a fair value of EGP 105 per share.
The stock has hit historical levels, which will bolster its performance positively, Pharos said in a research note on Wednesday.
The bank’s lending activity has positively impacted earnings of the first quarter of 2018, the company added.
Earlier this morning, CIB reported a 15% year-on-year surge in consolidated profits for the first quarter of 2018, recording a net profit of EGP 2.02 billion from EGP 1.7 billion.
The bank’s net income grew to EGP 3.2 billion in the three-month period ended March 2018, compared to EGP 2.7 billion in Q1-17.
Meanwhile, standalone profits doubled to EGP 2.017 billion in Q1-18, versus EGP 1.78 billion in the prior-year period, the Cairo-based bank noted.
