The Suez Canal Bank realised net profits of EGP 542.2m at the end of 2019 against EGP 420.1m at the end of 2018, up by EGP 122m.
According to the bank's financial results sent to the Egyptian Exchange on Monday, deposits were up by EGP 5.5bn to EGP (...)
The National Bank of Egypt (NBE) signed a EGP 435m long-term financing agreement with the Egyptian General Company for Tourism and Hotels (EGOTH) for the Mena House Hotel renovation.
NBE Vice President Yehia Aboul Fotouh said the financing contract (...)
The inflation rate will moderate to achieve an average of 7.7% in 2020, and there is a possibility for Central Bank of Egypt (CBE) to have a new rate cut that could reach 200 basis points (bps), with the stability of the Egyptian pound, a report (...)
Alexbank signed a cooperation agreement with the European Bank for Reconstruction and Development (EBRD) worth $100m, which includes a $50m credit line for small and medium enterprises, including a special grant for technical support that Alexbank (...)
Crédit Agricole Egypt has signed a 10-year extension contract for its partnership with the Egyptian Shooting Club, which will introduce the conversion of the club's membership cards into payment cards for all club members as part of an initiative (...)
HC Securities & Investment assured that despite the increase in January's inflation figure, they believe that inflationary pressures are highly contained within the CBE's target of 9% (± 3%) for the fourth quarter of 2020 (4Q 2020) and they expect (...)
The business results of Banque du Caire revealed that the bank had achieved pre-tax profits of about EGP 5.29bn in 2019, compared to EGP 3.89bn in 2018, while its net profit increased to nearly EGP 4bn from EGP 2.5bn. The bank achieved 31% return on (...)
The Central Bank of Egypt (CBE) allowed banks to double the size of the loans they grant to real estate financing, from 5% to 10% of their total loan portfolios, indicating that this percentage does not apply to the Egyptian Arab Land Bank and the (...)
Annual headline urban inflation increased slightly to 7.2% in January 2020 from 7.1% in December 2019, as monthly inflation recorded 0.7% in January 2020 compared to 0.6% in January 2019.
The Central Bank of Egypt (CBE) explained that monthly (...)
The Industrial Development Bank (IDB) has pumped EGP 2.2bn to finance 205 factories, as part of the "One Thousand Factories" initiative launched by the bank in mid-2019.
Last week, the bank opened its newest branch in Minya, within the framework of (...)
Deutsche Bank expected that the Egyptian pound will continue to strengthen against the US dollar to reach EGP 15.5 by the end of the first half of 2020 and EGP 15 by the end of the year.
According to a bank report, additional structural improvements (...)
The exchange rate of the dollar continued to decline against the Egyptian pound in the local market on Tuesday, bringing the average for banks' transactions with their clients to EGP 15.6689 to buy and EGP 15.7689 to sell against EGP 15.6783 to buy (...)
The National Bank of Egypt (NBE) and QNB Al Ahly arranged a medium-term syndicated loan worth EGP 1.8bn for Concrete Plus Engineering and Construction, to implement a contract assigned to the company by the New Alamein City Development Authority of (...)
When passed, the long-awaited banking law will boost development in Egypt, revolutionising how fiscal and banking systems deal with the problems they currently face, said Co-founder and Manager Partner of Khodeir Partners for Consultations Mohamed (...)
The Central Bank of Egypt (CBE) received 32 offers from local and foreign investors to invest $1.0548bn in the treasury bills (T-Bills) auction launched on Monday.
The CBE launched an auction of $900m T-Bills a maturity of 364 days, due on 9 (...)
The Central Agency for Public Mobilization and Statistics (CAPMAS) said the annual urban headline inflation recorded a slight increase in January to 7.2%, compared to 7.1% in December 2019.
CAPMAS said on Monday that the consumer price index reached (...)
The Central Bank of Egypt (CBE) has revealed the continuation of the household sector's trend towards deposits for terms of three years or more since May 2018. Previously, the trend was towards terms of less than three years. This comes as a result (...)
Beltone Financial said the consolidated net income of the Commercial International Bank (CIB) increased in the fourth quarter (4Q) of 2019 by 27.6% compared to 4Q2018, and by 2.4% compared to 3Q2019, recording EGP 3.26bn.
This strong growth in (...)
Egypt's net foreign reserves increased to $45.456bn at the end of January 2020, compared to about $45.419bn in December 2019, the Central Bank of Egypt (CBE) said on Thursday.
The January's figure is the highest in the history of Egypt and it covers (...)
Vice Chairperson and CEO of Housing and Development Bank (HDB) Hassan Ghanem and Head of Buildings Finance Fund Mohamed Helal signed a cooperation protocol on Tuesday.
Ghanem said the HDB would market the housing units offered by the fund through (...)
Paymob, a leader in digital payment technology, has signed a tripartite cooperation agreement with Tamweely Microfinance,, and the Arab Women's Enterprise Fund (AWEF), with the aim of increasing financial and digital opportunities for female (...)
Minister of Public Enterprise Sector Hisham Tawfik stressed the importance of technology in achieving financial inclusion in Egypt.
At the Financial Inclusion Conference organised by the National Bank of Egypt (NBE) and Misr Insurance Holding (...)
The Commercial International Bank (CIB) has been a pioneer in digital banking solutions in Egypt which can contribute to achieving the financial inclusion, the government's highest priority and the most important passage into a sustainable (...)
Governor of the Central Bank of Egypt (CBE) Tarek Amer said the bank intends to renew the initiative for small and medium projects for another 4 years.
The CBE launched this initiative in December 2015, and was scheduled to end on 1 January (...)
The Central Bank of Egypt (CBE) revealed that the volume of trade exchange between Egypt and other countries hit $23bn during the first quarter of Fiscal Year (FY) 2019/2020, including $15.9bn in imports, and $7.12bn in exports, compared to $23.2bn (...)
