Faisal Islamic Bank has issued a brief release stating that 4Q2015 standalone net income reached EGP107 million, flat Y-o-Y, but 59% lower Q-o-Q. The reported earnings in 4Q2015 came in well below our forecast of EGP197 (46% below our estimate). The bank’s pre-tax income in 4Q2015 stood at EGP275 million, down 26% Y-o-Y and 38% Q-o-Q, coming in 26% below our forecast. This suggests the earnings miss was driven partly by higher-than-expected tax charge during the quarter. FY2015 net income reached EGP754 million, 21% higher Y-o-Y, and 11% below our forecast of EGP844 million. (Earnings release, Elena Sanchez-Cabezudo, Rajae Aadel)   Faisal Islamic Bank of Egypt: USD1.35 as of 17 January 2016, Rating: Buy, FV: USD1.82 per share, MCap: USD311 million, FAITA EY / FAITA.CA