Latest in Banking Highlight
Latest in Banking
Bank profits reach EGP 50.049bn in June: CBE
Total financial position of banks working in Egyptian market rises to EGP 6.408trn
CBE extends fees waiver on ATM cash withdrawals, bank transfers to year-end
CBE to bear EGP 50m of pension withdrawal expenses until 2020-end
NBE signs EGP 793.9m long-term financing contract for Nile Wood Company
The agreement was made as part of the Central Bank of Egypt’s (CBE) initiative to support clients in industrial, agricultural, and contracting activities.
Faisal Islamic Bank records EGP 112.751bn in business volume during August
Bank’s total accounts grew 13.6% to about EGP 93.083bn last month
Banks explore repayment options of deferred loan instalments during COVID-19
Complete inventory is being undertaken of clients benefiting from CBE loan deferral initiative
Crédit Agricole Egypt wins 2 Global Finance awards for digital banking services
The bank took home the top awards in the Best Mobile Banking Adaptive Website -consumer category and the Best Trade Finance Service- corporate category
CBE directs banks to take appropriate measures on deferred loan instalments
Each bank must conduct careful review of existing credit facilities, and their customers’ future cash flows, to determine appropriate measures in this matter
NSB records profit increase to EGP 1.427bn despite pandemic
Bank has spent EGP 960m on social solidarity projects, says NSB Vice Chairperson
Arab central banks, monetary institutions to discuss implications of COVID-19
Fintech application and digital transformation of banking services and products are among issues to be addressed
15% saving certificates increase household sector’s control of Egyptian deposits
NBE, Banque Misr saving certificates attract EGP 380bn in 6 months
NBE signs EGP 1bn financing contract with Palm Hills
NBE Vice Chairperson Yehia Aboul Fotouh said that the contract comes in light of the bank’s keenness to finance major projects in general. The bank is particularly focusing its financing activities on the real estate field, due to this sector’s ability to preserve its medium- and long-term investment value.
Egypt’s net international reserves grow $51m in August to $38.366bn: CBE
Suez Canal revenues, tourism, exports, foreign investments, and remittances are most important resources for Egypt’s foreign currency reserves
IDB’s SME portfolio jumps from EGP 400m to EGP 5bn over 5 years
Bank injects EGP 4.1bn to finance 330 customers under Thousand Factories initiative
17 banks in Egypt report total EGP 18.565bn net profits in H1 2020
Fear of COVID-19 repercussions, increase in provisions for doubtful loans put pressure on banks’ balance sheets
Banque Misr, EGE sign export credit insurance agreement
Banque Misr puts export finance services on top of its priorities, in order to support Egyptian government’s drive to increase exports to Africa
Egypt’s external debt decreases to $111.3bn in March 2020: CBE
Bank deposits up by EGP 84.837bn, loans rise by EGP 42.409bn
EBE records EGP 1.103bn net profit in FY 2019/20
Bank’s loans and credit facilities reach EGP 31.297bn, while syndicated loans record EGP 5.195bn
Bank Audi – Egypt reports EGP 1bn PBT in H1 2020
Bank’s positive indicators solidify presence in Egyptian market, support local expansion plans: CEO Mohamed Bedir
IDB reports 12% increase in PBT to EGP 337.79m in July 2020
Bank records 105% growth in medium-sized enterprise portfolio, 20% decline in non-performing loans: Chairperson Maged Fahmy
ADCB to enter Egyptian banking market with EGP 1.75trn assets
Expansion, governance, reduction of services costs are basics of ADCB’s future activity in Egyptian market: CEO Ihab El Sewerky
Emirates NBD eyes acquisition of Bank Audi Egypt alongside BLOM Bank
BLOM Bank Egypt reportedly received takeover offer from First Abu Dhabi Bank
ABE pumps EGP 2bn into Egypt’s national livestock project: Chairperson
ABE has provided about EGP 120m in finance to 300 projects under Agriculture Ministry, says Alaa Farouk
IDB to offer financial support to enterprises in Menoufiya
Bank will finance delivering natural gas, drinking water, sanitation, and electricity to new projects
Faisal Islamic Bank reports 12.1% asset growth to EGP 108.701bn in July
Bank’s retail banking portfolio amounted to about EGP 1.205bn in June 2020
Egypt consumer confidence in e-payments increases amid COVID-19: Visa
86% of consumers trust contactless transaction technology, 69% support payment with QR code: survey finds out
EALB accelerate efforts to achieve digital transformation: Chairperson
Bank achieves 191% in retail sector growth to EGP 1.6bn in June, says Medhat Kamar
Suez Canal Bank gives financial inclusion top priority: Chairperson
Bank has launched several new products recently as part of ambitious digitisation plans, says Hussein Refaey
Egypt leads Arab world in digital wallets, e-payment services: AMF
There are currently 178,000 e-payment outlets across 8 Arab countries, mainly in Egypt
Opinion| Virtual remedies: Countering COVID-19 with digitisation
Like others, Egypt is leveraging digitisation processes to boost trade facilitation, support economy
NBE launches new services to support digital banking strategy
New services include money transfers using IBAN, payroll, credit card activation and cancellation, electronic wallets, and access to Fawry e-payments