{"id":565603,"date":"2021-04-19T13:59:04","date_gmt":"2021-04-19T13:59:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/"},"modified":"2021-04-19T13:59:04","modified_gmt":"2021-04-19T13:59:04","slug":"egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/","title":{"rendered":"Egypt\u2019s banking sector likely second fastest-growing in MENA, EFG says in earnings preview"},"content":{"rendered":"

<\/a> Aggregate earnings of Egypt\u2019s listed banks are expected to have grown 10% y-o-y in <\/strong>1Q2021, <\/strong>reversing a trend of anemic bottomline growth in 2020 as lenders were forced to shore up loan loss provisions<\/a> last year amid worries over pandemic-linked bad loans, EFG Hermes said in a note to clients forecasting 1Q2021 earnings for the sector. Earnings for eight publicly traded banks grew 3% q-o-q during the first quarter of the year, the report estimated, as higher net interest income driven by higher credit volumes offset lower central bank rates. A diminishing need for loan loss provisions as the economy recovers from covid-19 will also drive growth, with the aggregate cost of risk expected to fall to 130bps in 1Q2021, down from 198bps in 4Q2020, the report notes.<\/p>\n

Loan activity for Egypt\u2019s banks is expected to have ticked up 9% y-o-y during the quarter<\/strong> and 2% q-o-q<\/strong>, according to the report. \u201cWe expect retail credit and working capital financing to be the key drivers of credit growth during 2021,\u201d EFG said, though the waiving of fees and commissions till June 2021 in accordance with a CBE decision last year is expected to keep fee income muted. The report covers CIB, QNB, Credit Agricole, Al Baraka Egypt, Faisal Islamic Bank, the and Development Bank, Abu Dhabi Islamic Bank, and Egyptian Gulf Bank.<\/p>\n

But an increase in loan defaults remains a downside risk<\/strong>, the report said, as banks may need to ramp up provisioning costs once again if 1Q2021 results indicate increased risk.<\/p>\n

Egypt\u2019s banking sector was the second-fastest growing in the region, <\/strong>recording 10% following the UAE\u2019s 13%. Overall, bank earnings across MENA grew 5% y-o-y in 1Q2021, staging a slight recovery from \u201cvarious shocks\u201d in 2020 including higher provisioning costs and pressure on margins from a series of rate cuts at the height of the pandemic, according to the report. \u201cWe expect broadly stable interest margins q-o-q,\u201d EFG said, \u201cas lower policy rates have largely been passed on to asset yields and funding costs, and as there is no evidence of tightening in banking sector liquidity.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Aggregate earnings of Egypt\u2019s listed banks are expected to have grown 10% y-o-y in 1Q2021, reversing a trend of anemic bottomline growth in 2020 as lenders were forced to shore up loan loss provisions last year amid worries over pandemic-linked bad loans, EFG Hermes said in a note to clients forecasting 1Q2021 earnings for the […]<\/p>\n","protected":false},"author":1,"featured_media":565604,"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":[10125],"tags":[204,84,633,164],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-banking","tag-banking","tag-efg-hermes","tag-enterprisepm","tag-equities","wpautop","entry"],"acf":{"mongo_id":"252943f0-fccf-44d4-86dc-6b3dcad47a8f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/455.jpg","photo_position":"above","related_issue":[565599],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s banking sector likely second fastest-growing in MENA, EFG says in earnings preview - 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\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s banking sector likely second fastest-growing in MENA, EFG says in earnings preview\" \/>\n<meta property=\"og:description\" content=\"Aggregate earnings of Egypt\u2019s listed banks are expected to have grown 10% y-o-y in 1Q2021, reversing a trend of anemic bottomline growth in 2020 as lenders were forced to shore up loan loss provisions last year amid worries over pandemic-linked bad loans, EFG Hermes said in a note to clients forecasting 1Q2021 earnings for the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-19T13:59:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/455.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egypt\u2019s banking sector likely second fastest-growing in MENA, EFG says in earnings preview\",\"datePublished\":\"2021-04-19T13:59:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\"},\"wordCount\":353,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/455.jpg?fit=%2C&ssl=1\",\"keywords\":[\"banking\",\"EFG Hermes\",\"EnterprisePM\",\"equities\"],\"articleSection\":[\"SPEED ROUND: BANKING\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/19\/egypts-banking-sector-likely-second-fastest-growing-in-mena-efg-says-in-earnings-preview\/\",\"name\":\"Egypt\u2019s banking sector likely second fastest-growing in MENA, EFG says in earnings preview - 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Earnings growth will be driven by lower provisioning costs and a 12% y-o-y rise in revenues thanks to\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":572700,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/06\/egypt-corporate-earnings-to-hold-up-relatively-well-compared-to-mena-peers-in-1q2020-efg\/","url_meta":{"origin":565603,"position":1},"title":"Egypt corporate earnings to \u201chold up relatively well\u201d compared to MENA peers in 1Q2020 -EFG","author":"enterpriseam admin","date":"6 July 2020","format":false,"excerpt":"Corporate earnings in Egypt are expected to \u201chold up relatively well\u201d in comparison to their MENA peers in 1Q2020, EFG Hermes said in a note yesterday. EFG expects earnings to fall 22% in Egypt and 25% in Qatar, compared to a 41% y-o-y fall in aggregate MENA earnings during the\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":564239,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/18\/earnings-watch-efg-hermes-palm-hills\/","url_meta":{"origin":565603,"position":2},"title":"Earnings Watch: EFG Hermes, Palm Hills","author":"enterpriseam admin","date":"18 August 2021","format":false,"excerpt":"EARNINGS WATCH - EFG Hermes\u2019 net income rose 24% in 2Q2021, driven by growth in its non-bank lending subsidiaries and a solid performance in its investment banking arm, according to the firm\u2019s earnings release (pdf). The financial services corporation reported earnings of EGP 406 mn during the three-month period, up\u2026","rel":"","context":"In "SPEED ROUND: EARNINGS WATCH"","block_context":{"text":"SPEED ROUND: EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/473.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602167,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/20\/earnings-watch-efg-hermes-and-al-ezz-dekheila-steel-report-2018-results\/","url_meta":{"origin":565603,"position":3},"title":"Earnings watch: EFG-Hermes and Al Ezz Dekheila Steel report 2018 results","author":"enterpriseam admin","date":"20 March 2019","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes is proposing an EGP 0.65 \/ share dividend for FY2018 pending approval of the financial service corporation\u2019s shareholders, the company said as it announced its 2018 earnings (pdf). The group reported net profit of EGP 1 bn on revenues of EGP 4.3 bn. Notably, its non-bank\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":565969,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/earnings-watch-efg-hermes-idh\/","url_meta":{"origin":565603,"position":4},"title":"Earnings Watch: EFG Hermes, IDH","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"EARNINGS WATCH- EFG Hermes\u2019 net income more than tripled to EGP 292 mn in 1Q2021, up from EGP 90 mn in the same period last year, the financial services giant said in its earnings release (pdf) this morning. Revenues jumped 30% to EGP 1.3 bn from EGP 965 mn in\u2026","rel":"","context":"In "GO WITH THE FLOW"","block_context":{"text":"GO WITH THE FLOW","link":"https:\/\/enterpriseam.com\/egypt\/category\/go-with-the-flow\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546738,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/26\/earnings-efg-hermes-contact-financial-elsewedy-electric-report-strong-1q-2022-results\/","url_meta":{"origin":565603,"position":5},"title":"Earnings: EFG Hermes, Contact Financial, Elsewedy Electric report strong 1Q 2022 results","author":"enterpriseam admin","date":"26 May 2022","format":false,"excerpt":"EFG Hermes\u2019 net income rose 18% y-o-y to EGP 345 mn in 1Q 2022, the bank said in its earning release (pdf) yesterday. Revenues were up 55% y-o-y to EGP 1.9 bn. Revenue growth was underpinned by a strong quarter for EFG\u2019s core businesses despite a challenging operating environment. Top\u2026","rel":"","context":"In "EARNINGS WATCH"","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=565603"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565603\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565604"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565603"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565603"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}