1 / 1

Investment case

Banking – Commercial International Bank (CIB). COMI.CA/COMI EY | N/R*| Analyst: Alia Abdoun *Not Rated as it owns c.100% of CICH. Investment case

thimba
Download Presentation

Investment case

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Banking – Commercial International Bank (CIB) COMI.CA/COMI EY | N/R*| Analyst: Alia Abdoun *Not Rated as it owns c.100% of CICH Investment case • Egypt’s largest private bank, and one of its most profitable (RoAE averaged c.29% last 3 years). • One of the most cost efficient amongst covered peers, with strong revenue generation ability. • One of the most liquid versus peers in terms of loans/deposits ratio. • Leading corporate lender, while retail portfolio started to take-off (c.10% of total loans). Benefits from ACTIS’s expertise in retail and SME lending. • Strong risk management and low NPLs ratio of (2.9%) and over 125% provisions coverage ratio. • Solid CAR (15.7%) well above CBE requirement (10%). • Led by strong management. • Fully integrated banking model, with exposure to capital market through its almost fully owned subsidiary CI Capital Holding (CICH). • Business exposure mainly in Egypt. Upside Catalysts • Faster-than-expected recovery from the current political and economic unrest reflecting on operations. • Any unexpected one-off gain or better than expected operating performance. Downside Risks • Larger or longer than expected economic slowdown due to political unrest, and lower balance sheet growth, both loans and deposits. • Worse than expected banking revenues. • Lower asset quality and higher provision charge or one-off expenses. • Shareholder Structure • ACTIS 9.3% • Free Float (of which around 9.25% in GDRs) 90.7% • 52-Week Performance & (*EGX suspended between 27th Jan – 23rd Mar 2011) Key Performance Indicators Company Profile Founded by National Bank of Egypt (NBE) and Chase Manhattan Bank (CMB) in 1975. COMI has since become Egypt’s leading private-sector bank. After its successful IPO in September 1993, the bank has been one of the Egyptian stock market’s blue chips. CIB offers a full-fledged business exposure varying among corporate and retail banking, investment banking, securities brokerage, mutual funds, asset management, research and insurance. CIB presence amounted to over 150 branches and 502 ATMs.

More Related