Latest in Banking Highlight
Latest in Banking
CIB participates in 2022 IIF Emerging Markets Sustainable Finance Summit
The summit aimed to capitalize on the tremendous success of the 2021 and 2022 IIF Sustainable Finance Summits and provide an opportunity to address the most critical issues facing emerging markets. It included sessions on the road to net zero, financing the transition, natural capital and biodiversity, the need for global coordination, and the IIF’s hallmark “Views from the C-Suite.”
CBE announces major financial soundness indicators in Egypt’s banking sector during 1H 2022
Total financial position of banks in Egypt increased to EGP 10.037trn
Central Bank of Egypt keeps interest rates unchanged
Central Bank of Egypt decides to increase banks’ required reserve ratio to 18% from 14%
CBE issues new decisions, controls to regulate import operations, cash deposits in foreign currencies
CBE issues new decisions, controls to regulate import operations, cash deposits in foreign currencies
Total credit portfolio of ABE by end of August 2022 reached EGP 60.204bn: Chairperson
Total funds granted to agricultural sector, related activities estimated at EGP 43.535bn or 72% of total funds volume
Visa, CIB announce recipients of first Egypt edition of Visa She’s Next programme
Award-winning women-owned small businesses will each receive $10,000 grant and one year of business coaching from IFundWomen
CIB integrates ESG principles into internal policies of departments
The policies have been developed in line with local and global standards and frameworks by analyzing and evaluating key performance indicators of the principles of sustainable finance. This success is due to the collective efforts of all CIB departments, as well as the Bank’s commitment to integrating sustainability practices across its operations.
Renewable energy storage a priority to ensure flexibility, balance, needs: IRENA
We support Egypt in the transition to clean energy: Director-General
13 banks in Egyptian market report EGP 21.778bn net profits in 1H 2022
CIB tops list in terms of net profit at EGP 7.773bn, followed by QNB Alahli by EGP 4.754bn
Acting CBE Governor kicks off tenure with reassurance message: Egyptian banking system accustomed to overcoming challenges
This difficult stage requires concerted efforts to develop banking sector, everyone should give new CBE’s leadership a chance, says Tarek Metwally
Central Bank expounds Egypt’s external debt in 1Q 2022
External debt registers $157.8bn, of which $131.4bn (83.3%) is long-term debt, while short-term debt accounts for $26.4bn (16.7%)
Acting CBE Governor appoints Hisham Ezz Al-Arab and Mohamed Naguib as advisors
Central Bank of Egypt Acting Governor Hassan Abdalla has appointed Hisham Ezz Al-Arab, the former president of the Commercial International Bank (CIB), and Mohamed Naguib, the former head of the saib Bank, as his advisors. This came during a meeting held by Abdalla on Wednesday with the current leaders of banks operating in the Egyptian …
Egyptian remittances increase 1.6% to $31.9bn in FY2022: CBE
Remittances reached $31.4bn, $27.8bn in FY2021, FY2020, respectively
HDB expands its integrated banking activities, records strong growth in 1H 2022
Bank achieved standalone profit of EGP 1.2bn in June 2022, increase of 20.3%
CIB launches Instant Payment Network to support digital transformation plans
Total payments made through InstaPay app reach nearly EGP 2.6bn
Hassan Abdalla named Acting Governor of Central Bank of Egypt
Al-Sisi meets Abdalla, stresses need to develop monetary policy in line with current global conditions
CBE reveals bank performance indicators in April 2022
Total financial position of banks increases to EGP 9.626trn, with total capital reaching EGP 233.144bn
Al Ahli Bank of Kuwait – Egypt achieves net profit of EGP 887m in 1H 2022
Bank’s total assets grow by 8% to EGP 61.4bn in June 2022 compared to EGP 56.8bn in December 2021
Agricultural Bank of Egypt finances sugar beet farmers in Fayoum
Bank expands in financing contract farming to raise standard of living of small farmers, support strategic food industries: Alaa Farouk
Egypt’s current account deficit remains almost unchanged at $13.6bn in July/March FY 2021/22: CBE
Egypt’s balance of payments records $7.3bn overall deficit in 9M of FY 2021/22
EGP 516.9bn increase in non-governmental bank deposits in local currency within 6 months: CBE
Non-governmental bank deposits in local currency reach EGP 4.986trn in June 2022
Major leap in performance of Agricultural Bank of Egypt by end of 1H 2022
More than EGP 60bn in loans, and the deposit portfolio jumped to about EGP 120bn
NBE, BM achieve profits of EGP 102.6bn before taxes within 18 months
The statements also indicated that NBE achieved net profits after taxes of EGP 29.7bn, as the bank paid EGP 36.3bn in taxes to the state treasury.
Egyptian market awaits CBE’s decision on interest rates after latest move by US Federal Reserve
MPC to hold its regular meeting on 18 August to discuss future of basic interest rates at CBE
Bank of England, CBE team up to fight climate crisis
As part of a technical cooperation scheme funded by the British government, Bank of England staff are sharing the UK’s experience in analysing, managing, and understanding the effects of climate change on financial firms and the stability of the financial system.
MIDBANK launches MID-GO to support SMEs
Bank aims to meet CBE’s financing target of SMEs up to 25% of total loan portfolio this year
CIB records EGP 3.51bn in consolidated net income in 2Q 2022
“The CIB concluded the first half (1H) of 2022 with remarkable performance, drawing on a resilient Egyptian economy that was able to control inflationary pressures and pave the way for encouraging local consumption and a recovery in investment despite a much fluid global macroeconomic environment,” the CIB’s management commented.
The complete Board of Directors of the Federation of Egyptian Banks
The final results of the elections resulted in the victory of Mohamed Badir, CEO of QNB Al Ahli Bank; and Hala Hatem Sadik, CEO of Ahli United Bank, by acclamation.
CBE explains reasons behind decline in inflation in June
Annual headline urban inflation decelerated for the first time after increasing for six months to record 13.2% in June 2022, down from a peak of 13.5% in May 2022
saib continues geographical expansion by opening new branch in Shebin Al-Koum, Menoufiya
We aim to expand our branch network to competitive levels that combine modern design and outstanding level of banking service: Chairperson