NBE collects LE 330B from Platinum, investment certificates

CAIRO – 24 September 2017: The National Bank of Egypt (NBE) collected LE 330 billion from the “Platinum” certificates with interest rates of 16 and 20 percent and investment certificates (Group B) in 11 months, the bank announced Sunday.

Yehia Aboul Fotouh, the vice chairperson of NBE added to Egypt Today that the certificates gained the favor of the bank’s clients since their offering 11 months ago, noting that the bank will continue issuing these certificates.

The volume of the loan portfolio of the NBE hiked to LE 400 billion ($22.5 billion) by the end of the fiscal year 2016/2017, Fotouh said earlier, expecting that the bank’s profits would maintain last fiscal year’s rates.

The deposit portfolio recorded LE 850 billion from LE 558 billion by the end of June 2016, the vice chairperson said, assuring that deposits’ growth registered more than LE 292 billion.

In July, NBE said that it will

hike its interest rates

on s

avings 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.