Cairo – Mubasher: NBK Capital said on Thursday it set the fair value estimate for Commercial International Bank (CIB) at EGP 64.20, maintaining its ‘Buy’ recommendation.

CIB reported Q1-15 net profit of EGP 1.10 billion, an increase of 38% year-on-year and 7% quarter-on-quarter, 8% higher than CIB’s forecast.

The bank’s operating income soared 35% y-o-y and came in line with forecast (0.6% lower). Net interest income increased 36% y-o-y in Q1, and came in slightly lower than forecast.

The bank’s loans jumped 9% q-o-q, driven primarily by corporate lending, and came higher than our expectation. Deposit accumulation continued to surge ahead (+12% in Q1-15), according to NBK Capital.