Credit Agricole – Egypt (CIEB) managed to deliver a set of positive figures for Q1 2019, simultaneous with the IFRS9 application. CIEB demonstrated a stable and in-line net interest income, yet banking on factors different than expected. Despite some weakness spotted within non-interest income, lower G&A and further improvement in the effective tax rate balanced out the P&L performance. Moreover, the bottom line came robustly higher at EGP694mn (+15% y/y), beating our estimates (SSEe), helped by gigantic provisions reversal. Balance sheet has witnessed a decent growth on the lending front, coupled with a retreatment in both of inter-bank assets and Treasury investments.
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