Latest in Banking Highlight
Latest in Banking
Egyptian banking sector’s net profits reach EGP 60.758bn in September
Top five banks hold 48.98% of total profits, and biggest 10 gain EGP 42.13bn
CBE postpones MPC meeting to 16 January to decide on interest rates
After four interest cuts since the beginning of 2019, analysts and bankers have different expectations of MPC’s decision
Balances of HDB’s Children & Youth Saving Account total EGP 645m
Bank prepares for a national savings project in cooperation with youth and social solidarity ministries, says Hassan Ghanem
MSMEDA undertakes EGP 62m urban development in Cairo’s Zawya El Hamra
The project’s finance granted by AFD
CBE raises limits on consumer loan instalments to 50% of borrower’s total monthly income
The CBE decided to keep the maximum for personal housing loans at 40% of the total monthly income.
Banque du Caire leads banking alliance to raise €150m for financing MDF factory
The factory is being built in Idku, Beheira, with a production capacity of 205,000 annually, at a total cost of €215m
HDB’s NIAT increases to EGP 1.521bn in 9M of 2019: chairperson
These profits came despite the challenges that the banking sector has faced since the beginning of the year, including CBE’s interest rate cut and applying the IFRS 9
Egypt’s bank deposits and loans up EGP 126.34bn, EGP 12bn respectively in September 2019
Bank’s credit facilities declined by EGP 31.7bn in three months to EGP 1.822tn: CBE
PHD, CIB sign EGP1.1bn medium-term loan to refinance some existing debt
The Loan is segregated into Tranches A and B, with maturity of five and four years respectively, complemented by a grace period of five months.
NBE, Holdipharma sign cooperation protocol to finance pharmacies
Bank’s SMEs portfolio amounts to about EGP 64bn, benefiting 74,000 projects, targeting EGP 100bn in 2020, says Aboul Fotouh
HSBC launches SWIFT gpi technology in Egypt
SWIFT gpi technology enables financial institutions to provide greater transparency and end-to-end tracking of a transaction, with all involved parties receiving real-time confirmation when a payment is credited.
Banking sector is one of the most important pillars of Egyptian economy: Attijariwafa Egypt
Attijariwafa Bank Egypt opened four new branches in Cairo and Giza
Crédit Agricole Egypt primarily aims to achieve sustainability, innovation: managing director
Crédit Agricole’S loan-to-deposit ratio reached about 57% in general, and 67% in local currency
Bank Audi Egypt targets SMEs portfolio of EGP 5bn by 2019 end: managing director
The bank’s bad loans do not exceed 4%
IDB pumps EGP 2.2bn the Thousand Factories initiative and EGP1.2bn in real estate mortgage financing in November
SMEs portfolio increased to EGP 3bn: Azzam
Crédit Agricole Egypt transforms club memberships into prepaid cards
One-third of bank’s customers has beem registered in its e-services
CBE offers $1bn in 1-year T-Bills
CBE floated five bill tranches worth $5.1432bn in 2019
Amer starts second term in CBE by launching three initiatives to support industry, medium income housing
Directives from president to allocate EGP 100m for industry sector, EGP 50bn for medium housing with 10% interest
Five banks to begin collecting mortgage finance instalments electronically amid CBE initiative
277,000 customers in 15 banks and eight mortgage finance companies are to benefit from the service when fully implemented
Why CBE Governor Tarek Amer was selected to serve another 4-year term?
CBE under Amer succeeded in managing the files of monetary policy and exchange market, which reflected positively on the performance of the national economy as a whole, say bankers
Winners and losers of CBE’s interest rate cut
Government, investors, and EGX are the most beneficiaries from the decision, while bank depositors are the most harmed
Egypt’s net foreign reserves rise by $128m to $45.247bn in October
It’s the highest foreign exchange reserves in Egypt’s history, covering more than eight months of commodity imports.
Issuance of executive regulation for e-payments law within weeks: CBE
Banks issued 3.5m Meeza cards until end-October, says CBE Deputy Governor
Banks in Egypt inject EGP 144.2bn to finance MSMEs from Dec. 2015 to June 2019: CBE
Service sector received EGP 62.2bn banking funds, while industrial sector got EGP 43.1bn
Egypt’s foreign trade increases to $95bn in FY 2018/19: CBE
Egypt’s imports scored $66.529bn, while exports reached $28.495bn between July 2018 and June 2019
Three-year anniversary of Egypt’s free floating exchange
FX reserves up by $25.618bn, exchange rate and inflation fall, and public debt rises
EALB signs a protocol with Tersana SC to finance club membership
The protocol was signed by Amr Gadallah, the bank’s vice president, on behalf of Amr Kamal, the bank’s chairperson, and on the other side, Tarek El Said, the club’s president and parliament member.
NBE rules out issuing foreign bonds currently
Dealing with financial institutions is better and cheaper than bonds, says Aboul Fotouh
Egypt’s external debt jumps to $108.bn end-June: CBE
The CBE noted that debt services reached $13.4bn in fiscal year 2018/19, including $10.2bn in instalments and $3.2bn in interest.
US dollar records lowest level against EGP since March 2017
US currency lost 13 piasters of its value in October, totalling 178 piasters decline since beginning of 2019