HC Securities & Investment - Egyptian Gulf Bank

Egyptian Gulf Bank, "1Q08"; News Bulletin

hcsi — Thu, 15 May 2008 11:42:26 +0000

May 15th, 2008
1Q08 Results: Marked Improvement
Solid Net Interest Income Growth
EGB’s net interest income grew by a solid 18.9% YoY to EGP37.9
million in 1Q08. Growth was driven by a 21.2% YoY growth in
interest from loans and due from banks, which came on the back of
a 61.7% YoY increase in gross loans. Interest expense, on the other
hand, grew by 2.0% YoY to EGP46.5 million.

Egyptian Gulf Bank, "FY07"; News Bulletin

hcsi — Mon, 11 Feb 2008 09:51:25 +0000

FY07 Results: Heavy Provisioning in 4Q07 Hits Bottom Line

Drop in Interest from Treasuries Affects NII Growth, NIM and Spread

EGB’s net interest income grew by a modest 2.9% YoY to EGP131.3 million in FY07. Growth was driven by a 37.5% YoY growth in interest from loans and due from banks, which came on the back of 39.3% YoY increase in gross loans and greater funds allocated to the lucrative CBE time deposits, which grew significantly from EGP187.3 million in FY06 to EGP1.3 billion in FY07. Interest expense, on the other hand, grew by 10.0% YoY as deposits advanced by 13.0% YoY.
Interest from T-bills and bonds, however, dropped by 44.7% YoY as the bank reduced its total holdings of T-bills and bonds by 36.2% YoY in response to unattractive yields in the local treasuries market.
The drop in treasury income affected EGB’s NIM and interest spread as both declined by 29 and 8 bps to reach 2.58% and 1.70%, respectively.

Egyptian Gulf Bank: A Means to Lend

hcsi — Wed, 09 May 2007 14:37:06 +0000

May 9th, 2007