Latest in Banking Highlight
Latest in Banking
Banks in Egyptian market show strong performance by 2019 end
CIB – Egypt ranks first with profits of EGP 11.8bn, QNB Alahli ranks second with profits of EGP 8.522bn
Banque du Caire’s net profit nears EGP 4bn in 2019
Deposits up to EGP 151bn, loans EGP 79.2bn; SMEs portfolio grows by 146%
Expected change in banks map Egyptian market
Expected exits, acquisitions, mergers, against Lebanese crisis, implementation of new banking law
Deutsche Bank expects US dollar to reach EGP 15.5 by June, EGP 15 by December
Bank expects inflation to continue declining to single digits this year
Egyptian pound appreciates to its highest since flotation
Banque Misr received $2bn in January, $15.6bn in 2019: El-Etreby
Local, international investors offer to invest $1.054bn in Egyptian T-Bills
The CBE rejected other offers from investors who requested an interest of 4.10%.
Egypt’s awaited banking law to revolutionise sector: Khodeir Partners co-founder
Khodeir’s comments came during a roundtable discussion held to tackle the banking draft law and its role in enhancing Egypt’s economic development.
NBE, QNB syndicated loan of EGP 1.8bn to Concrete Plus Engineering, Construction
20% of the total cost of implementing a housing compound project in the beach area of New Alamein City
CBE offers $900m in T-bills on Monday
Proceeds to cover a previous bid floated on 12 February 2019 worth $1.0141bn
Household sector’s trend towards deposits of three-year term or more ongoing since 2018
Weighted return on new deposits declines in September 2019 to 11.5%, 16% on loans
CIB launches new personal loan product for low-income payroll customers
The new personal loan is dedicated to customers with a monthly salary starting from EGP 2,600. The personal loan ranges between EGP 10,000 – 30,000. The loan offers customers repayment in fixed instalments over 12-36 months, and a full waiver of all administrative and assessment fees.
BLOM BANK has no intention in exiting Egyptian Market: statement
It is noteworthy that recently, there was some news circulating about a Saudi Arabian bank offering to buy BLOM Bank Egypt.
Attijariwafa Bank launches initiative to limit single-use plastic bag consumption
The bank aims to expand its participation in environment conservation and to apply these mechanisms on a larger scale.
CIB aims to raise EGP 15bn to finance expansion
CIB’s consolidated net income grows by 23% to EGP 11.8bn in 2019, proposes EGP 1.25 dividends per share
Technology main player in financial inclusion: Hisham Tawfik
NBE, Misr Life Insurance jointly launch ‘Tomorrow Pension’ bank insurance product
CIB deploys digital solutions to revolutionise banking sector
Bank aims to teach younger generation how to manage their money, grow their assets: deputy chief operation officer
CIB named constituent of 2020 Bloomberg Gender Equality Index
The bank is the only Egyptian institution to be included among the 325 companies in Bloomberg’s Gender Equality Index
Renewing SME initiative for another 4 years: CBE’s Amer
Banks pumped EGP 160bn to finance 86,000 small, medium enterprises
Capital flows return to emerging markets in September after August exit: CBE
Direction of capital movement remains dependent on future outlook of economic activity growth rates, development of global trade tensions
Foreign investments in Egypt’s T-Bills rise to EGP 254.30bn December 2019
Increase of total outstanding balances of T-Bills to EGP 1.512trn 2019-end
Banks’ credit facilities reach EGP 1.84trn November 2019
Private business sector accounted for 59.2% of the total facilities, and the industrial sector is at the forefront of the sectors that benefit from it: CBE
Egypt’s domestic debt falls to EGP 4.186tn; external debt up to $109.3bn Sept. 2019: CBE
External debt service reaches $2.9bn, including $1.7bn in instalments, $1.2bn in interest
CIB launches Prime Me bundle targeting Millennials
The bundle features a range of banking and non-banking benefits, based on the Bank’s BONUS Points reward scheme
Misr Insurance Holding eyes 10% growth in consolidated net profits: chairperson
Company’s plan relies on achieving ambitious growth rates in various activities that lead to achieving the target profits
NBE targets 15-20% growth in all sectors: vice chairperson
We aim to channel more financing to SMEs and retail loans: Aboul Fotouh
“We aspire to put HDB among Egypt’s top 10 banks”: Ghanem
We aim to focus on industry in our next plan, in implementation of the initiative launched by the CBE to support this sector
Credit Agricole Egypt embarks on digital transformation plan for three years
Bank will be part of the CBE’s initiative to support industrial sector
Geopolitical events cast shadow over expectations of pound’s interest, reserve, inflation
I expect a rate cut from 2% to 3%, exchange rate to EGP 14-15: Abdel Aal
IDB profits reach EGP 512m in 2019
We continue to support and develop Egyptian industries to achieve sustainable development: Fahmy
Egypt’s external debt up 17.3% YoY to $108.7bn in FY19
External debt-to-GDP ratio 36% in Egypt, 48.5% in Latin America, 47.5% in Middle East