Latest in Tag: banks Highlight
Latest in Tag: banks
Faisal Islamic Bank of Egypt sees jump in October results
Total business volume, total assets and liquid assets of the bank all see year on year gains
Egypt’s banks lend less, earn more
Ambitious plans by Egypt’s banks to expand credit portfolios hindered by the country’s ongoing political turmoil
Bank provisions to be exempt from taxes: Ministry of Finance
Ministry says it has received cabinet approval for draft law, now awaiting presidential ratification
Gulf banks in expansion push as recovery kicks in
A slowdown in regional banking activity, coupled with large restructurings of state-owned entities, stymied profits around the turn of the decade as banks set aside billions of dollars to meet loan losses and restrained their lending appetite.
Ministry of Finance rates Egyptian banks
The ministry releases statement listing top five Egyptian banks that trade treasury bills and bonds
Banque du Caire profit surges by 215% in 2012
Net profits reach EGP 830m
Maximum income for public banks opposed by sector
Bankers express concern that public bank maximum wage law will push talent away to private sector
Egypt’s Business Directory names the top five local banks
CIB tops the list as the largest bank in Egypt followed by NSGB, the fastest growing bank in the country
Second interest rate cut in a row to encourage lending: Experts
Central Bank’s decision to cut the interest rates is seen as a way to boost economy
1.190tn in total banking deposits in June: Central Bank
Rise in deposits seen as symptomatic of Egypt’s “economic deflation”
A big question mark on the Islamic finance industry
By Muhammad Zubair Mughal Apparently, it is a matter of pleasure that global volume of Islamic finance industry has crossed $1.3tn approximately, which is, definitely, providing the best and compatible sources of finance with interest free modes. According to a careful estimate, there are more than 2000 Islamic Financial Institutions offering Islamic Banking, Islamic Insurance …
Banks demand security
Egyptian Trade Union Federation asks interior ministry for extra security at bank branches
Egyptian banks register profits despite economic uncertainties
Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.
Factories call for aid from banking sector
Officials stated that the two sectors were very different and that one could not compare the two.
Central Bank of Egypt: Normal working hours to begin Monday
All banks are to remain open to receive clients between the 8.30am and 2pm, with employees required to stay until 3pm.
Banks resume working amid unrest
Banks returned to working normally starting Sunday for only three hours a day
Economy reels from recent turmoil
Economic experts weight in on the effects of ongoing violence
Banks consider cutting interest rates on deposits
The banks stated that they would study ways and mechanisms to decrease interest rates on triple term savings certificates, in order to reduce the cost of funds after intense declines recently seen in income derived from government debt and central bank tools.
Fitch Group’s new credit downgrade of Egypt does not take into account recent aid received from the Gulf
The analysts stated that the recent downgrade would not have a large affect on Egypt’s banking sector, adding that the value of stock for some banks may decrease as a result, but only for one or two trading sessions at the most.
Banks close early ahead of ultimatum
The Central Bank of Egypt orders banks to close early before army’s deadline to Morsi
Egyptian banks to keep their doors open through 30 June protests
Some banks convene meeting to form emergency plans, intensify security in case of upheaval
Bank tax law amended following criticism
The law, which taxes funds set aside by banks to cover potential losses caused by defaulting debtors, was being reviewed by the Central Bank.
Op-ed review: Adjusting the tax law…a new cycle of economic confusion
Ziad Bahaa El-Din Al-Shorouk Newspaper Columnist Ziad Bahaa El-Din tackles the issue of the new tax law issued by the Shura Council. “While Egyptians are busy pondering the fate of the kidnapped soldiers, the economic crisis, the blackouts, and preparing for the exams season, the Shura Council is issuing a new tax law. Its purpose …
Business News: Large banks ranked most efficient while small banks achieve fastest growth
CIB rated as most efficient, followed by NSGB, while HSBC places third due to its refusal to disclose information on its non-performing loans
Egypt: International banks eyeing long-term growth
Egypt’s market is also attracting attention from Gulf banks
Downgrade expected to negatively impact pharmaceutical industry: Experts
Adverse affects on banks following Egypt’s downgraded S&P rating extend to pharmaceuticals
Social Fund for Development unable to finance more franchises
Difficult economic and political situation prevents further expansion
Protests break out in Northern Sinai
Offices, bank, roads and schools all targeted by protesters
Standard & Poor’s: Gulf banks replace European banks in MENA
European banks are shedding assets outside of the MENA region to rebuild their balance sheets affected by the financial and sovereign crises
Egypt’s central bank chief resigns
State television had announced his resignation last month, which was quickly denied by the government