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EGP 188bn in deposits, investments at Egypt Post in H1 of FY 2016/2017 - Daily News Egypt

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EGP 188bn in deposits, investments at Egypt Post in H1 of FY 2016/2017

The number of savings accounts increased from 23.1m in May 2016 to 24m in December 2016

An official source in Egypt Post said that the size of deposits and money invested in the company reached EGP 188bn in the first half (H1) of the fiscal year (FY) 2016/2017.

The source added that Egypt Post was able to increase the number of saving accounts to 24m by the end of December 2016, compared to 23.1m in May 2016.

The official attributed the increase in the number of customers to the increase in the interest rate on Egypt Post’s accounts to 10.25% compared to 8%, which contributed to attracting new customers.

Egypt Post decided in early November 2016 to raise the interest rate on saving accounts to 10.25% instead of 8% in order to compete with the saving schemes the banks launched recently with returns of 18-20%.

The offices of Egypt Post have turned into integrated service centres after providing the services of the Civil Registration Department there, developing the offices, and mechanising their services. They have turned from offices that provide only post or pension services to places that provide many services, including paying bills and taxes, renewing traffic licences in some governorates as a first phase, and paying the fees of some universities.

According to the official, the non-post services positively affect the income of Egypt Post, saying that the improvement of the services Egypt Post provides has increased its market share, especially in the sectors of express mail and parcels.

Egypt Post generated a surplus of EGP 1.041bn in the FY 2015/2016 budget compared to EGP 165m in FY 2014/2015. Also, the financial statements of Q1 of the current FY show that it achieved a surplus of EGP 700m.

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