Cairo - Mubasher: Pharos Research has maintained its fair value (FV) valuation of Al Baraka Bank’s stock at EGP 16.50, with an Overweight recommendation.

The valuation is based on a set of key assumptions that underpin the growth potential for the bank, according to a note issued on Tuesday.

“Forecasted improvement in corporate financing momentum, as the investment climate in Egypt revives starting, a faster pickup in non-funded income fuelled by the potential pickup in financing activity,” were the main factors in the research company’s valuation.