CAIRO: Commercial International Bank (CIB) would benefit from a rebound in fee income and the flow of global aid to Egypt, Credit Suisse said and upgraded the stock to "outperform" from "underperform."
"We expect IMF, GCC countries, and foreign allies to contribute as well, albeit the question is whether this would happen before or after some improvement in the political process," analyst Mohamad Hawa wrote in a note to clients.
On Tuesday, the World Bank had announced $4.5 billion in loans to Egypt over 24 months.
Egyptian banks were badly hurt by the political unrest that led to the Feb. 11 resignation of president Hosni Mubarak that prompted the central bank to shut banks for almost two weeks.
Shares of Egypt’s biggest private bank by assets have fallen 35 percent year to date, reflecting most of the impact of the political unrest, the analyst said.
The analyst maintained his price target of LE 36 on the bank’s stock.
