Cairo – Mubasher: NBK Capital MENA Research raised its recommendation for Credit Agricole Egypt (CAE) from Buy to Hold, while it set the stock’s fair value at EGP 24.20 per share.

CAE reported a net profit of EGP 242 million in the second quarter of 2015, higher than NBK's forecasts of EGP 180 million.

Meanwhile, the lender recorded strong net interest income in Q2-2015, as it reached EGP 396 million, up 34% y-o-y and 7% q-o-q. It is also above NBK Capital's forecasts of EGP 345 million.