Recent Research

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  FIRST LOOK NOTES

  08 Aug 2025

  Commercial International Bank ...

  BUY

  Last Closing Price

  EGP 100.00

  Target Price

  EGP 115.00

  Upside (%)

  +15.00%

  Egypt Equity Research - Commercial International Bank (CIB) 2Q25 - First Look Note

  Net advances expanded 56.6% YOY and 18.4% QOQ to EGP 450.4 Bn in 2Q25. Total deposit increased 21.3% YOY and 4.5% QOQ to EGP 1,045.3 Bn, with retail and corporate Deposits expanding 22% and 21%, respectively, during 2Q25.

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• 

  FIRST LOOK NOTES

  20 May 2025

  Commercial International Bank ...

  BUY

  Last Closing Price

  EGP 80.00

  Target Price

  EGP 110.00

  Upside (%)

  +37.50%

  Egypt Equity Research - Commercial International Bank - Egypt (CIB) 1Q25 - First Look Note

  Net advances grew 40.0% YOY and 7.7% QOQ to EGP 380.4 Bn in 1Q25. The Bank's asset quality strengthened as the NPL ratio improved from 3.3% in 4Q24 to 3.1% in 1Q25, owing to the ability to effectively reduce risk. Capitalization improved with a reported CAR of 26.8% in 1Q25 compared to 24.1% in 4Q24.

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• 

  FIRST LOOK NOTES

  07 Mar 2025

  Commercial International Bank ...

  BUY

  Last Closing Price

  EGP 77.50

  Target Price

  EGP 110.00

  Upside (%)

  +41.94%

  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.

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  FIRST LOOK NOTES

  21 Nov 2024

  Commercial International Bank ...

  BUY

  Last Closing Price

  EGP 80.20

  Target Price

  EGP 110.00

  Upside (%)

  +37.16%

  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.

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• 

  FIRST LOOK NOTES

  11 Oct 2024

  Commercial International Bank ...

  BUY

  Last Closing Price

  EGP 87.00

  Target Price

  EGP 110.00

  Upside (%)

  +26.44%

  Strong core and non-core income growth coupled with healthy balance sheet growth drove profitability

  Gross loan portfolio reached EGP 331 Bn in 2Q24 owing to an increase in local currency loans.

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• 

  FIRST LOOK NOTES

  20 Mar 2024

  Commercial International Bank ...

  ACCUMULATE

  Last Closing Price

  EGP 85.30

  Target Price

  EGP 96.00

  Upside (%)

  +12.54%

  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.

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