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Nasser Social Bank increases its budget to EGP 22.247bn in June: El-Kabbaj - Daily News Egypt

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Nasser Social Bank increases its budget to EGP 22.247bn in June: El-Kabbaj

Bank seeks to develop new services, support financial inclusion: Vice Chairperson

Nevine El-Kabbaj, Minister of Social Solidarity and Chairperson of Nasser Social Bank, said that, despite the circumstances that arose after the novel coronavirus (COVID-19) pandemic, the bank’s profits rose to EGP 1.427bn in June 2020, compared to EGP 1.81bn in June 2019, a growth of 32%.

She added that the bank’s budget also increased to EGP 22.247bn in June 2020, compared to EGP 17.871bn a year earlier, with a growth rate of 24%. The bank’s net financing and facilities for customers reached EGP 16.118bn in June 2020, up from EGP 12.517bn in the comparison period, a growth of 29%.

The total customer deposits reached EGP 8.755bn in June 2020, up from EGP 6.371bn in June 2019, with a growth rate of 37%, as a result of introducing new savings vessels for various terms and prices that attracted more customers.

Mohamed Ashmawy, Vice Chairperson and Managing Director of the bank, said that the general assembly reviewed the performance of the bank’s branches at the solidarity units located in some Egyptian universities, within the protocols signed between the Ministry of Social Solidarity and several universities.

This comes within the framework of the bank’s endeavour to develop its services and support the financial inclusion of all segments of society.

Ashmawy noted that the bank’s Board approved the restructuring of the bank’s internal audit and risk committee, as well as the introduction of new banking products, including the conditional gift product and the property management product.

He explained that the bank provides a variety of investment certificates to suit all segments of society, and one of their advantages is that they offer flexible interest payments, whether monthly, quarterly, or annually.

The bank has maintained its rates of return on investment certificates for three-year term at 12.75% annually, 12.25% quarterly, and 12% monthly. In addition, the certificate of “Rad El Gamil” kept its return at 13% annually, 12.50% quarterly, and 12.25% monthly for a period of three years, while the one-year type has a return of 11.50% annually and 11% monthly.

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