Credit Agricole Egypt reported 4Q2015 net income of EGP289 million, up 31% Y-o-Y (+7% Q-o-Q), 10% above our forecast of EGP263 million. FY2015 earnings of EGP1,037 million rose strongly 54% Y-o-Y (3% above our estimate), thanks to the decline in the corporate tax rate in Egypt, but top line growth was also strong, with net interest income up 29% Y-o-Y (2% ahead of our estimate). Gross customer loans increased 12.4%, while deposits were broadly flat Y-o-Y. The strong net interest income growth, well ahead of loan growth, suggests widening net interest margins during 2015.  In 4Q2015, net interest income increased by a healthy 6% Q-o-Q, also suggesting that net interest margins remained strong during the last quarter of the year. (Company, Elena Sanchez-Cabezudo)   Credit Agricole: EGP18.99 as of 3 February 2016, Rating: Buy, FV: EGP24.89 per share, MCap: USD754 million, CIEB EY / CIEB.CA