COMI 1Q21 Results

Giving More to Your Wealth
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)

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