Cairo – Mubasher: Pharos Research has maintained their ‘Overweight’ rating recommendation for Credit Agricole Egypt at a fair value (FV) of EGP 60 a share.
The bank’s remarkable performance during the first quarter of 2018 might have been driven by “healthy growth of non-interest income”, according to a recent report on Sunday.
Last Thursday, Credit Agricole reported a 28.85% year-on-year rise in consolidated profits for the first quarter of 2018, recording a net profit of EGP 601.47 million from EGP 467.12 million.
Revenues from interests increased to EGP 1.3 billion in the three-month period ended March 2018, versus EGP 1.08 billion in Q1-17
Meanwhile, standalone profits grew to EGP 605.7 million in Q1-18, from EGP 475 million in the corresponding period of 2017.
Credit Agricole’s capital amounts to EGP 1.4 billion distributed over 310.9 million shares at a par value of EGP 4 per share.
