Latest in Banking Highlight
Latest in Banking
CIB Egypt increases individual financing to EGP 34.881bn in September 2020
The bank’s syndicated loans portfolio amounted to about EGP 30.628bn in September 2020, compared to EGP 33.642bn in December 2019.
CIB reports 3Q20 consolidated revenue of EGP 6.65bn, net income of EGP 2.35bn
Bank’s loan loss provision balance records EGP 15.4bn, covering 11.5% of total loan portfolio
HSBC voted best cash management bank in Egypt, Middle East
The local recognition was complemented by other HSBC successes, with the bank once again voted the top bank for cash management by corporates across the entire Middle East region.
saib Bank launches new online services for individual customers
Atallah stressed that the increasing trend towards digital transformation and the acceleration of digital innovations and financial technology in the financial sector represents a new challenge for banks
Increased inflation in November makes Egypt’s interest fate open to speculation
Central Bank of Egypt to reduce interest rates by 50-100 basis points: Banking pundit Abdel-Aal
Central Bank of Egypt extends tourism, retail loan initiatives to 2021 end
Tourism businesses welcome CBE decision, call for more flexibility in private sector banks
83% of Egypt businesses expect pre-COVID-19 profitability by 2022: HSBC Navigator
About 83% of respondents from Egypt expect to return to profitability levels seen in the pre-novel coronavirus (COVID-19) pandemic period by the end of 2022, compared to 81% globally. This includes 14% that are either ahead or expecting to be back there by the end of this year.
Financial position of banks in Egypt increases to EGP 6.676trn in August 2020: CBE
Volume of bank deposits records EGP 4.9trn, with credit facilities reaching EGP 2.269trn, of which 59.6% for private sector
COVID-19 crisis accelerates implementation of digital development plan: Crédit Agricole
Bank’s management has future of Egyptian banking sector in mind in line with state’s plan to digitise financial services: Country Managing Director
Banque Misr arranges 10 financing operations worth EGP 86.3bn in 9M 2020
Banque Misr led a banking consortium to arrange and grant long-term co-financing amounting to EGP 2.54bn, for the Zed Sheikh Zayed project. The co-financing went towards part of the investment costs needed to implement the first and second phase of the 165 feddan development.
Agricultural Bank of Egypt explores development opportunities in Minya
Bank agrees to finance agricultural, livestock production projects, and to apply modern irrigation systems in Minya, says Chairperson Alaa Farouk
Kuwaiti bank believes COVID-19 impacts on Egypt economy faded away
In a report, the bank said that despite the pandemic, preliminary figures revealed that Egypt’s real GDP grew by 3.6% in fiscal year (FY) 2019/20, compared to 5.6% in FY 2018/19.
Banque du Caire reports EGP 2.52bn net profit in September 2020
‘We will continue to implement expansion plans without interruption as bank successfully established advanced business model in 3 years,’ says CEO Tarek Fayed
Egypt’s banking authorities move to protect sector from 2nd COVID-19 wave
Bank extends exemptions for attending banks’ board meetings until 2021 end
Banque Misr, Al Ahly Capital acquire 40% stake in IBAG for money transfer
Mohamed El Etreby, Chairperson of Banque Misr, said that this partnership is a step towards merging the informal transfers sector into the banking sector
Kenya’s top lender to purchase Rwanda, Tanzania Banks
Kenyan lender said that in Rwanda, upon completion of the acquisition, the resultant KCB group business is expected to see it double its market share
ABE to launch temporary branch south Alamein to serve 1.5m feddan project
Permanent branch in same area to be set up soon and include entrepreneurship centre, says Chairperson Alaa Farouk
Strong FX reserves, structural reforms support Egypt against external shocks: CBE
Aboul Naga’s comments came during the opening session of the Payment, FinTech, and Digital Inclusion Forum and Exhibition (Pafix) on Monday.
HSBC expects Egypt to build on growth momentum during 2021
Egyptian economy expected to grow by 2.5% in 2021, following 2.4% growth in 2020
Top 10 Egyptian market banks report EGP 14.661bn in net profits in September
QNB Alahli accounts for 38% of total profits achieved by top 10 banks, recording EGP 5.572bn
HDB, MasterCard sign partnership contract to expand electronic payment system
This step is an activation of HDB’s strategic objectives, which aim to expand digital banking services and electronic payment channels with competitive advantages, in line with the state’s policy and the Central Bank of Egypt’s (CBE) initiatives to transform the society into a cashless one.
ABE signs agreement to finance 1.5 million-feddan reclamation project
Farouk emphasized ABE’s keenness to cooperate with the Ministry of Agriculture and the Egyptian Countryside Development Company to contribute to the success of the 1.5 million-feddan project.
CIB – Egypt celebrates five years of sustainability reporting
Event highlights importance of Bank’s commitment to creating shared value while contributing to Egypt’s economic growth during global pandemic
Suez Canal Bank achieves 24% growth in net profit before appropriation
Bank records 11% growth in loan portfolio in September 2020
CBE to float $1.56bn Treasury bills
The proceeds of this issuance will be used to pay for the previous bid put forward by the CBE on 19 November 2019, through which it received $1.56bn.
Initial audit report had no substantial effect on CIB financial position: Chairperson
Sami stressed that CIB pays great attention to CBE notices regarding compliance issues, and that the necessary mechanisms are being put in place to avoid the repetition of these issues in the future.
Banks in Egypt discuss fate of interest rates following CBE’s cut
Yield of some savings certificates, loan products automatically decreases by 0.5%, while market awaits launch of first bids for T-bills, bonds
CBE expects inflation to average under 6% in Q4 2020
Interest rate cut currently provides adequate support for economic activity, consistent with achieving price stability in medium term: MPC
HDB records EGP 1.9bn in profit before tax during 9M 2020
Positive results recorded despite economic challenges, exceptional circumstances this year: Chairperson
CBE to discuss fate of interest rate on Thursday
MPC meeting is shrouded in ambiguity regarding expected decision, as some analysts and experts expect interest to be cut while others predict it to be fixed