MARKET NEWS-

QNB Alahli net income doubles in 1Q 2023: QNB Alahli’s net income more than doubled y-o-y to EGP 4.71 bn in 1Q 2023, according to its latest financials (pdf). Bottom line growth was driven by a 55% increase in net interest income, which rose to EGP 6.63 bn during the January-March quarter. The strong performance follows a solid 2022, which saw the bank’s net income climb more than a third to EGP 10.4 bn.

Domty will pay out dividends of EGP 0.5 per share to its shareholders, after the company’s annual general assembly, according to an EGX filing (pdf).

MARKET ROUNDUP-

The EGX30 fell 1.6% at today’s close on turnover of EGP 1.91 bn. Foreign investors were net buyers. The index is up/down 14.7% YTD.

In the green: Oriental Weavers (+2.0%), Ezz Steel (+1.7%) and Credit Agricole Egypt (+1.4%).

In the red: Egypt Kuwait Holding-EGP (-9.2%), Eastern Company (-3.5%) and Fawry (-3.3%).

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