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Sunday, 9 May 2021

Earnings Watch: NBK Egypt

NBK Egypt recorded net income of EGP 404.1 mn in 1Q2021, up from EGP 402.8 mn in the same period last year, according to the bank’s quarterly financial statement (pdf) released this morning. This came despite revenue falling 10% to EGP 797.5 mn from EGP 882.5 mn last year.

The EGX30 rose 0.5% at today’s close on turnover of EGP 776 mn (38% below the 90-day average). Foreign investors were net sellers. The index is down 1.9% YTD.

In the green: Oriental Weavers (+4.4%), Ibnsina Pharma (+2.9%) and ElSewedy Electric (+2.6%).

In the red: Cleopatra Hospital (-2.0%), Orascom Investment (-1.8%) and GB Auto (-1.8%).

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