CIB, "FY07"; News Bulletin

FY07 Results: Continued Solidity   
Strong NII, Margins Come In FlatCIB's net interest income came in line with our estimates as it grew by 27.5% YoY to reach EGP1.2 billion in FY07. Interest from loans and due from banks rose by a solid 48.3% YoY as loans and due from banks grew by 16.2% and 142.2% YoY, respectively. Interest from T-bills & bonds fell by 28.8% YoY as the bank reduced  its T-bill and bond holdings by 29.2% YoY in response to low local treasury yields.Interest expense grew by 30.7% YoY as deposits increased by 25.1% YoY. The impressive improvement in average interest on loans and due from banks (56 bps) coupled with a moderate advance in funding cost (10 bps) were offset by the declining treasury income. Accordingly, CIB's NIM remained flat at 3.04%, while spreads advanced by 1 bps to 2.79%.
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