Cairo - Mubasher: MubasherTrade Research has downgraded its recommendation for the stock of the Export Development Bank of Egypt (EBE) from Buy to Hold.
However, the research firm has maintained the same Moderate Risk rating, and the price target (PT) of EGP14.8 per share.
Export Development Bank of Egypt reported a 61% year-on-year rise in profits for the first half of fiscal year 2017/2018 due to a growth in interest revenues.
Net profit stood at EGP 395.9 million in the six months ended December 2017, compared to EGP 246.37 million in the same period of 2016.
Interest revenues doubled to EGP 2.17 billion in H1-17/18, from EGP 1.31 billion in the corresponding period of the prior fiscal year.
Standalone profits increased to EGP 362.7 million in H1-17/18, versus EGP 253.15 million in