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EALB accelerate efforts to achieve digital transformation: Chairperson - Daily News Egypt

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EALB accelerate efforts to achieve digital transformation: Chairperson

Bank achieves 191% in retail sector growth to EGP 1.6bn in June, says Medhat Kamar


The Egyptian Arab Land Bank (EALB) has successfully launched a variety of retail banking services providing customers with the highest levels of speed and safety, according to the EALB Chairperson Medhat Kamar.

Kamar added that the new services, including personal loans and credit cards, had never been offered at the bank.

He revealed that the EALB aims to launch a new set of electronic services to accompany the Egyptian banking sector’s efforts of in digital transformation. These are set to include the introduction of electronic payment services, and the updating and replacement of all the bank’s automated teller machines (ATMs).

Medhat Kamar

Kamar confirmed that the EALB is keen to implement precautionary measures to maintain the health and safety of its customers and employees. These have been implemented in accordance with the Egyptian government’s directives, and the initiatives issued by the Central Bank of Egypt (CBE) in this regard.

Kamar also highlighted the most important indicator’s of the bank’s performance in the first half (H1) of 2020. He noted that the bank achieved growth of 17% in its total savings pool by the end of June 2020, reporting a total of EGP 49.6bn, compared to the EGP 42.3bn reported at the end of June 2019.

The EALB also reported a 20% growth, to EGP 19.9bn, in its total loans and credit portfolio in H1 of June 2020, compared to EGP 16.7bn at the end of June 2019.

The EALB also achieved growth of 27% in its total of small- and medium-sized enterprises (SMEs) portfolio, to reach EGP 5.6bn in June 2020, compared to EGP 4.3bn in June 2019. The bank reported a 191% growth in its total retail banking portfolio, which reached EGP 1.6bn by the end of June 2020. This compared to the EGP 557m reported in June 2019, and about EGP 12m in October 2018, the date on which the bank started its retail banking activity.

Kamar also said that the bank achieved growth of 14% in the total portfolio of bills and bonds, to reach EGP 12.9bn in June 2020, compared to EGP 11.3bn in June 2019. The EALB also recorded growth of 13% in the total financial position to reach EGP 41.3bn in June 2020, compared to EGP 36.6bn in June 2019.

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https://dailyfeed.dailynewsegypt.com/2020/08/22/ealb-accelerate-efforts-to-achieve-digital-transformation-chairperson/
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