{"id":559241,"date":"2021-01-14T03:45:32","date_gmt":"2021-01-14T03:45:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/its-gonna-be-ok\/"},"modified":"2021-01-14T03:45:32","modified_gmt":"2021-01-14T03:45:32","slug":"its-gonna-be-ok","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/its-gonna-be-ok\/","title":{"rendered":"It\u2019s gonna be ok\u2026"},"content":{"rendered":"

<\/a> Why the market accepted the Central Bank of Egypt\u2019s freeze on cash<\/strong> dividends without batting an eyelid<\/strong>. <\/strong>Picking up where we left off yesterday: The Central Bank of Egypt has barred banks from paying out cash dividends<\/a> from 2020 profits to ensure the system has sound as covid continues to weigh on business sentiment<\/a> \u2014 and, potentially, credit quality.<\/p>\n

Good medicine, but it tastes like [redacted]. <\/strong>We rang up a couple of the smartest bankers we know yesterday, expecting to listen to tirades. Instead, what we heard \u2014 even under a grant of anonymity \u2014 is that it is smart policy, even if the medicine tastes a bit sour. The bottom line: As the lender of last resort and guarantor of deposits, the central bank is taking measures to (a) keep liquidity in the system as high as possible and (b) maximize every bank\u2019s ability to respond flexibly if this whole covid thing drags on \u2014 and takes credit quality down with it.<\/p>\n

But doesn\u2019t this send a bad signal to international investors? <\/strong>No. Why? In a single word: Covid. Top execs at head offices of foreign-owned banks with branches here have already been through this. To take but one example, the European Central Bank only reversed late last month what was effectively a ban on dividend payouts<\/a> \u2014 and imposed really strict limits on what they\u2019re allowed to do going forward.<\/p>\n

And the CBE has done this before <\/strong>on a one-off basis, as when it asked Credit Agricole last April to trim back its proposed dividend.<\/p>\n

What about fund managers? <\/strong>They won\u2019t be delighted, but they knew it was a risk. Last year, many of them (facing redemptions from their own customers) pestered execs to keep paying dividends even as CEOs wanted to keep cash on hand to respond to the fallout from covid.<\/p>\n

And yes, retail investors will howl <\/strong>\u2014 but that was expected, right? When you see a share as your ticket to a lunch box at an AGM\u2026<\/p>\n

Will bank stocks come under pressure? <\/strong>Credit Agricole, a dividend play for investors, was the EGX30\u2019s worst performer on Tuesday (-6.2%) and was down 3.3% at the closing bell yesterday. In the long run, the market already knew that Credit Agricole needed to hike its capital to meet the CBE\u2019s new EGP 5 bn floor, and index heavyweight CIB is a growth stock that pays dividends, not a pure dividend play. COMI shares closed in the green both Tuesday and Wednesday<\/p>\n","protected":false},"excerpt":{"rendered":"

Why the market accepted the Central Bank of Egypt\u2019s freeze on cash dividends without batting an eyelid. Picking up where we left off yesterday: The Central Bank of Egypt has barred banks from paying out cash dividends from 2020 profits to ensure the system has sound as covid continues to weigh on business sentiment \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":559242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9944],"tags":[3650,204,271,240,205,1053,72,125,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-analysis","tag-banking","tag-central-bank-of-egypt","tag-cib","tag-credit-agricole","tag-dividends","tag-enterpriseam","tag-investment-watch","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"6c622061-88b0-45ec-af64-bce3ce83347e","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/166.jpg","photo_position":"above","related_issue":[559235],"teaser":"","voice_url":""},"yoast_head":"\nIt\u2019s gonna be ok\u2026 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/14\/its-gonna-be-ok\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s gonna be ok\u2026\" \/>\n<meta property=\"og:description\" content=\"Why the market accepted the Central Bank of Egypt\u2019s freeze on cash dividends without batting an eyelid. 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Bank bottom lines will compare favorably to peers, in part due to the central bank\u2019s decision to freeze\u2026","rel":"","context":"In "Banking"","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571683,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/20\/cib-to-push-ahead-with-expansion-plans-hisham-ezz-el-arab\/","url_meta":{"origin":559241,"position":2},"title":"CIB to push ahead with expansion plans -Hisham Ezz El Arab","author":"enterpriseam admin","date":"20 May 2020","format":false,"excerpt":"With ample liquidity, Egypt\u2019s leading private-sector bank looks to push ahead with expansion plans: CIB is committed to pushing ahead with its expansion strategy once it finalizes its recent acquisition of a 51% stake in Kenya\u2019s Mayfair Bank, Chairman Hisham Ezz El Arab told Bloomberg TV (watch, runtime: 8:08). 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The announcement comes as CIB reported net profits of EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570382,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/30\/cbe-temporarily-sets-daily-limit-on-bank-atm-cash-withdrawals-and-deposits\/","url_meta":{"origin":559241,"position":4},"title":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits","author":"enterpriseam admin","date":"30 March 2020","format":false,"excerpt":"CBE temporarily sets daily limit on bank, ATM cash withdrawals and deposits: The Central Bank of Egypt (CBE) decided yesterday to impose a temporary cap on daily cash withdrawals and deposits from banks and ATMs, according to an official statement (pdf). 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