SMEs portfolio at NBE hit LE 32B end of June

CAIRO – 18 August 2017: The volume of the small and medium enterprises portfolio at the National Bank of Egypt (NBE) increased to LE 32 billion by the end of June, Vice Chairperson Yehia Aboul Fotouh said.

The volume of the

loan portfolio

of NBE hiked to LE 400 billion ($22.5 billion) by the end of the fiscal year 2016/2017.

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 s

avings accounts

by 0.5 percent as of August.

The NBE is the second public bank to hike interest rates after Banque du Caire, which raised its interest rates on Certificates by two percent.