Naeem Recommends ‘Buy’ On CIB Stock, Hermes ‘Neutral’
Naeem Financial Investments (NFIN), issued a report on Commercial International Bank- Egypt (CIB) (COMI.CA) defining its fair value at EGP 34.1. Naeem also recommended in its report a “Buy” on the CIB stock within the coming period.
Worth mentioning, CIB’s consolidated business results during H1/2012 revealed a net profit of EGP 1.028 billion, 36.9% higher than H1/2011 net profit of EGP 750.962 million.
On the other hand, EFG-Hermes had defined CIB’s fair value at EGP 27.6, 3% lower than the market price of EGP 28.4 on August 14th. Hermes had also recommended in its report a “Neutral” on the CIB stock.
Hermes added in its report that the CIB’s net profit for the second quarter of 2012 hit EGP 523 million, 18% higher on annual basis, 4% quarterly and 9% than estimated.
Furthermore, Hermes said CIB’s net interest income during Q2/2012 hiked by 48.1% on annual basis and 7% quarterly adding that the Loans rose by 2.3%, compared to Q2/2011. Retail loans increased by 10%, compared to Q2/2011. Corporate loans inched 2% higher than Q2/2011.
