Latest in Banking Highlight
Latest in Banking
Amer briefs new PM on forex reserves updates, monetary, financial policy legislation
CBE governor discusses with communications minister enhancing cooperation to transform into digital economy, achieve financial inclusion
Government T-bonds dues rise to EGP 699.168bn end-May
State to pay $18bn, €2bn between December 2018, February 2048
HDB launches mobile service, prepares to launch internet banking by year-end
Launching service is important step in bank’s targeted development plan, to keep abreast of rapid technological development, says Sebaey
We are continuing to move economy, Egyptian people to unprecedented place: CBE governor
President showed great courage in face of challenges, giving us support to make difficult decisions, says Amer
CBE offers $715m worth of T-Bills
Offering’s proceeds to cover earlier offering made on 16 June 2017
Suez Canal Bank sees weak earnings growth y-o-y on pressured NIM, higher CTI amid subdued lending: Beltone
Suez Canal Bank (SCB) reported a bottom line of EGP 115m at the end of the first quarter (Q1) of 2018, still 2.5% more year-over-year (y-o-y), and 36% higher quarter-over-quarter (q-o-q), according to Beltone Financial, which issued a report analysing the performance of 10 banks operating in Egypt. According to the report, the relatively flat …
ADIB-Egypt fastest growing of three Islamic banks in Egypt
Bank’s Q1 2018 net income records EGP 159m, doubling y-o-y, 21% higher q-o-q
Beltone reveals strengths, weaknesses of 10 banks in Egypt
HDB, Credit Agricole Egypt, Faisal Islamic Bank results above expectations, ADIB’s lower than expected due to higher provisions
IDWBE allocates EGP 132m to fund establishment of first commodity stock exchange in Middle East
Exchange to provide 70% of market’s needs, comes within plan for funding, retailing for development purposes, says Fahmy
AlexBank signs cooperation protocol with Agriculture Ministry to develop Egypt’s livestock
Signing protocol is based on bank’s belief in importance of supporting SMEs, especially in agricultural field, says Campioni
NBE signs cooperation protocol with Water Resources Ministry to fund modern irrigation projects
EGP 3bn funding for agricultural activities, other related ones, says Okasha
Credit Agricole Egypt continues development plans in 2018
We have CSR philosophy based on sustainability, empowerment, says managing director
NBE, BM, Banque du Caire to cover tourism companies’ expenses for Hajj
The National Bank of Egypt, Banque Misr, and Banque du Caire officials met with representatives of the Ministry of Tourism and the head of the religious tourism committee of the Egyptian Travel Agencies Association (ETAA). During the meeting, they agreed to have the three banks secure the needed Saudi riyals to cover the expenses of …
Total bank credit facilities increase by EGP 60.5bn in 7 months
Private business sector accounts for 61.3% of total facilities, notably industrial field, says CBE
Parliament committee recommends removing MP Khaled Bishr over EGP 45m dishonoured cheques to UBE
Parliament’s legislative and constitutional affairs committee, headed by Bahaa Abu Shoqa, concluded that the judicial verdicts against Khaled Bishr, a parliament member from Sharqeyah, have led him to lose trust in the MP for issuing dishonoured cheques worth EGP 45m for the United Bank of Egypt (UBE), which he said is an issue that affects …
FX reserves continue north, scoring $44.14bn end-May
The foreign exchange (FX) reserves balance at the Central Bank of Egypt (CBE) continued to rise during May 2018 to reach $44.14bn, up from $44.03bn at the end of April, rising by $110m. The level of foreign exchange reserves marks the highest ever in the history of the CBE. The level of reserves covers over …
Deposits up EGP 65bn, loans rise EGP 23bn in January 2018: CBE
The volume of deposits at banks operating in the domestic market jumped in January 2018 to EGP 3.39tn from EGP 3.32tn in December 2017, an increase of EGP 65bn, according to the Central Bank of Egypt (CBE). In its recent report, the CBE said that total government deposits increased in January 2018 to about EGP …
HDB targets EGP 8.82bn in deposits, EGP 3.7bn loans portfolio by end-2018
Bank aims to increase profits by 50% to EGP 1.5bn
CBE studying Swedish experience in becoming cashless society
Intensive meetings with Swedish central bank fintech experts, startups, payment service providers to discuss mutual cooperation, experience exchange
IDWBE aims to close deferred loss file this year
We aim to achieve profits of EGP 1.5bn by end-2018, says Fahmy
NBE, Visa launch second phase of NBE Pay
The National Bank of Egypt (NBE), in cooperation with Visa, plans to launch the second phase of NBE Pay services, which allows clients to make transfers using the NBE’s Visa cards, along with the services currently available within the first phase, including internet banking, paying school fees, and paying bills. According to Yehia Aboulfotouh, vice …
CIB contributes to UNEP FI Banking Principles among 26 global banking institutions
Commercial International Bank-Egypt (CIB) participated in the first workshop organised by the United Nations Environment Programme Finance Initiative (UNEP FI) for the development of Banking Principles to include social and environmental responsibilities. These principles will be the first to align with the UN Sustainable Development Goals (SDGs) and the Paris Agreement on climate change, to …
MIDB, SMEDA sign cooperation protocol to funds MSMEs
Protocol extends over 1 year, financing between EGP 500,000, EGP 10m
EIB expects further technical grants for Kafr El-Sheikh Wastewater Expansion project
Project’s total cost estimated at €163.5m, European Investment Bank providing about 47%
ADIB profits record EGP 157m end-March
Q1 saw big shift in bank’s financial performance, says CEO
United Bank lays out seven-point strategy
Intelligent banking services, intensification of financial inclusion campaigns, expansion of Shariah-compliant banking solutions, says El Kady
AlexBank signs EGP 50m protocol with Sawiris Foundation
The Bank of Alexandria (AlexBank) signed a protocol with Sawiris Foundation for Social Development (SFSD) worth EGP 50m for supporting underprivileged children, to be contributed to equally by both entities. This came during their annual iftar event dedicated to homeless children, which was organised in cooperation with Samusocial International Egypt, under the auspices of the …
Telecom Egypt signs $200m financing deal with Afreximbank, managed by ADIB
Participating in deal of this size emphasises bank’s growth strategy, says Aly
FX stabilises again after reaching 10-month high
Fluctuation is healthy under supply, demand, says Abdel Aal
Benefits of economic reform in Egypt are outstanding: HSBC’s chief economist for CEEMEA
We remain fundamentally optimistic regarding our economic expectations for Egypt in near future: Williams