Cairo-Mubasher: Beltone Financial maintained the fair value of Abu Dhabi Islamic Bank (ADIB) – Egypt at EGP 11.62, recommending ‘Buy’.
The profit growth in the fourth quarter of 2015 was driven by financing profits.
Q4-15 net earnings reached AED 72.1 million, leaping 52% compared with the same period a year ago.
Consolidated financial results for the fiscal year ended 31 December 2015 showed a 16% decline in net earnings.
“We await the bank to release its final financial statements to revise our forecasts,” the research firm said.
It added that the stock trades at P/B and P/E ratios of 0.6x and 3.1x in 2016, respectively.
The stock closed Tuesday lower at EGP 3.75.
