Egypt Equity Research - Commercial Bank International (COMI) 4Q24 - First Look Note
Net advances grew 49.7% YOY and 14.9% QOQ to EGP 353.1 Bn in 4Q24, primarily driven by a continuous rise in local currency loans. NIMs grew 138 bps YOY to 9.43% in 4Q24. The Bank's asset quality strengthened as the NPL ratio improved from 3.5% in 4Q23 to 3.2% in 4Q24, owing to the ability to effectively reduce risk.
Egypt Equity Research - Commercial Bank International (COMI) 3Q24 - First Look Note
Net advances grew 37.8% YOY and 6.9% QOQ to EGP 307.4 Bn in 3Q24 owing to an increase in local currency loans and a rise in demand for financing from businesses and individuals. NIMs grew 214 bps YOY but fell 5 bps QOQ to 9.2% in 3Q24.
Strong non-core income and increased lending supported profitability
Commercial International Bank (COMI/ the Bank) net profit grew substantially from EGP 3,951 Mn in 4Q22 to EGP 7,229 Mn in 4Q23, lower than our estimates of EGP 7,998 Mn.
