23 May 2021

COMI (Commercial International Bank) announced its results for 1Q21. The results point to an increase in net profit of 20% YoY, reaching EGP2.87bn. This figure was supported mainly by lower provisioning, with loan loss provisions down 43% YoY to sit at EGP702mn. Other bottom line growth drivers include non-interest income (up 16% YoY), lower operating expenses (−11% YoY) and a lower effective tax rate (from 30% versus an average of 33.5% over the past 4 quarters). Total loans increased 8% YoY and deposits surged 18% YoY.

On the other hand, NII (net interest income) fell 8% YoY to reach EGP5.68bn, with NIM (net interest margin) dropping by 1.4% YoY to stand at 5.8%. The LDR (loan-to-deposit ratio) reached 38%, down from 41% in March of 2020. According to the bank, they remain the top private sector bank in Egypt in terms of revenues, net income, deposits, and total assets. (Source: Bank Earnings Release, Bank Financial Statements, Mubasher, Amwal al-Ghad, Arab Finance)