NBE loan portfolio grows to LE 400B in FY 2016/17

CAIRO – 7 August 2017: The volume of the loan portfolio of the National Bank of Egypt (NBE) hiked to LE 400 billion ($22.5 billion) by the end of the fiscal year 2016/2017, NBE Vice Chairperson Yehia Aboul Fotouh said Monday.

Fotouh told Egypt Today that the bank’s profits are expected to maintain last fiscal year’s rates, assuring that deposits’ growth registered more than LE 292 billion. The deposit portfolio recorded LE 850 billion from LE 558 billion by the end of June 2016.

In July, NBE said that it will

hike its interest rates

on

savings accounts

by 0.5 percent as of August.

The move comes in response to the Central Bank of Egypt’s decision to raise interest rates by 200 basis points on July 7.

The bank’s CEO, Hisham Okasha, added that interest rates on the 6-month deposits were also increased by 0.75 percent.

Meanwhile, the bank kept its 18-month Certificates of Deposit (CDs) at 20 percent and the three-year CD at 16 percent interest unchanged.

In July, five Egyptian banks, led by NBE and Banque Misr, signed one of the biggest long-term financial deals between the banking and electricity sectors at a total value of LE 37.4 billion.