Cairo – Mubasher: Pharos Research has reiterated their ‘Overweight’ recommendation on Credit Agricole Egypt’s stock based on fair value (FV) of EGP 55 per share.
The bank has proposed cash dividend at yield of 9.7% this year, which is 12% higher than pharos estimates, according to a recent report.
Last week, Credit Agricole reported a 12.6% year-on-year increase in consolidated profits for 2018.
Net profit amounted to EGP 2.2 million in the January-December period, versus EGP 1.95 billion in 2017.
The bank’s revenues from interests grew by 19.1% to EGP 5.6 billion at the end of December, compared to EGP 4.7 billion a year earlier.
As for the standalone business, profits rose to EGP 2.19 billion in last year, versus EGP 1.9 billion in 2017.
