Egypt's Suez Canal Bank reported on Monday an 11 percent year-on-year increase in its new profit after tax to 601.664 million Egyptian pounds ($38.3 million) in 2020.
In 2019, the bank made a net profit of 542.206 million pounds.
Net interest income (...)
Abu Dhabi Islamic Bank Egypt (ADIB Egypt) announced on Sunday its net profit grew to 1.95 billion Egyptian pounds ($124.7 million) in 2020
Earlier, the Egyptian subsidiary of the Emirati Shariah-compliant lender ADIB made a net profit of 1.228 (...)
Saudi engineering, procurement, and construction company Al Sharif Group Holding (ASG) has on Tuesday signed a long-term financing agreement of up to around 978.2 million Egyptian pounds ($62.6 million) with the National Bank of Egypt (NBE).
The (...)
The Central Bank of Egypt (CBE) launched an initiative to cancel all fees that private sector's MSMEs bear to activate the electronic collection services via the internet (E-Commerce) till the end of June 2021.
The move comes as part of CBE (...)
Al Ahli Bank of Kuwait–Egypt (ABK-Egypt) reported on Sunday a 27 percent year-on-year growth in net profit during 2020.
The bank made a net profit worth 666 million Egyptian pounds ($42.6 million) in 2020.
Operating profit for the year also rose 34 (...)
The state-owned Agricultural bank of Egypt (ABE) announced the launch of an initiative to settle debts for 328,000 defaulting farmers with total worth of 6.3 billion Egyptian pounds, in order to support the agriculture sector.
According to the bank, (...)
Export Development Bank of Egypt (EBE) approved a proposal to raise its paid-up and issued capital to 3.27 billion Egyptian pounds from 2.72 billion pounds.
The board of directors decided to issue 54.65 million bonus shares at a nominal value of EGP (...)
Egypt's net foreign reserves inched up to $40.062 billion at the end of December from $39.221 billion in November, the central bank said on Tuesday.
Foreign currencies in Egypt's foreign reserves comprise U.S. dollar, euro, Australian dollar, (...)
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA) has injected 3.7 billion Egyptian pounds into 124,000 MSMEs with during the first 11 months of 2020.
These enterprises have created around 195,000 jobs, the Chairman of MSMESA (...)
The value of microfinance in Egypt grew by seven percent recording 42.7 billion Egyptian pounds during the third quarter of 2020 compared to Q2 of the same year, according to the Chairperson of the Egyptian Microfinance Federation, Mona Zulfcar.
The (...)
The Central Bank of Egypt (CBE) also adjusted its inflation target to a range of 7% (+/- 2%) by 4Q2022, from a previous target range of 9% (+/- 3%), it said.
Inflation has been muted for the better part of 2020, exceeding the lower 6% band of the (...)
Remittances from Egyptians working abroad rose by 19.6 percent year-on-year in the first quarter of the 2020-2021 financial year to $8 billion from $6.7 billion last year, central bank data showed on Monday.
A key source of foreign currency for (...)
Emirates NBD Egypt said on Sunday its profits before tax reached around 1.338 billion Egyptian pounds ($85.5 million) for the first nine months of the year.
Last year, bank made nine-month profits before tax worth 1.734 billion pounds.
Net profit (...)
The European Bank for Reconstruction and Development (EBRD) will lend nine Egyptian banks $700 million to help finance small and medium-sized businesses, a senior official said on Monday.
The National Bank of Egypt (NBE), Banque Misr, QNB AlAhli, (...)
Bank Audi Egypt, part of Lebanon's Bank Audi, reported on Wednesday a 10.6 percent growth in total assets for the first nine months of the year.
Assets have totaled 83.2 billion Egyptian pounds ($5.3 billion) at the end of September 2020, compared (...)
Egypt's AlexBank, part of Italian bank Intesa Sanpaolo, said on Tuesday it posted profits before tax worth 2.786 billion Egyptian pounds ($178.5 million) for the first nine months of the year.
Earlier, the bank made profits before tax worth 3.22 (...)
Credit Agricole Egypt posted net profits of 1.03 billion Egyptian pounds during the first nine months of 2020, down by 44.3 percent year-on-year (YoY) from 1.86 billion pounds in the year-ago period, including minority shareholders' rights.
The (...)
Housing and Development Bank (HDB) has has seen standalone net profit of 1.42 billion Egyptian pounds in the first nine months of 2020, down by 6 percent year-on-year (YoY) from 1.52 billion pounds.
However, the lender logged an increase in its (...)
Raseedy has officially launched the first independent licensed digital wallet in Egypt, in partnership with saib Bank and Mastercard.
Raseedy, established by Jacques Marco and Karl Marco as an Egyptian joint-stock company in 2018, has now launched (...)
Egyptian Micro, Small, and Medium Enterprise Development Agency (MSMEDA) signed contracts with 11 governorates for the establishment of infrastructure projects with a total funding of 228 million Egyptian pounds.
The agreements were signed with (...)
First Abu Dhabi Bank FAB.AD (FAB), the largest bank in the United Arab Emirates, has resumed exclusive talks with Lebanon's Bank Audi to acquire its Egyptian business, according to Audi Bank managing director Mohamed Bedeir.
"These discussions are (...)
Egyptian largest state-owned lender, National Bank of Egypt (NBE) says it has pumped 9.3 billion Egyptian pounds mortgage finances as part of the central bank's (CBE) mortgage finance initiative, Vice Chairman Yehia Abul Fotouh.
The mortgage (...)
Micro, Small and Medium Enterprise Development Agency (MSMEDA) and Banque Misr, signed an agreement worth 500 million Egyptian pounds to finance micro-enterprises.
The Egyptian Minister of Trade and Industry and Executive Director of Micro, Small (...)
Banks in Egypt financed 154 thousands small and medium-sized enterprises with 15.4 billion Egyptian pounds as part of The Egyptian National Program for Community, Human, and Local Development (Mashroak).
The projects succeed in creating more than (...)
Egypt expects to receive the second $1.6 billion instalment of its one-year $5.2 billion International Monetary Fund (IMF) standby loan in December, Central Bank Governor Tarek Amer said late on Wednesday.
On June 5, IMF reached a staff-level loan (...)
