NBE, Banque Misr Collect EGP 400bn From Their 25% Certificates

According to Dily News, The National Bank of Egypt (NBE) and Banque Misr have attracted an estimated EGP 400bn from the 25% certificate since its launch earlier this month.

The National Bank of Egypt revealed that the balance of the certificates of 25% and 22.5% had reached EGP 260bn.

In a statement issued on Tuesday, the bank stated that approximately 60% of the proceeds from that certificate were obtained through alternative channels such as Al-Ahly Net, Al-Ahly Mobile, and the bank’s call center, with the remainder obtained through the bank’s branches located throughout the Republic.

It has so far attracted about 62,000 new customers to the bank, and it is scheduled to be stopped by the end of this month.

Mohamed El-Etreby, Chairperson of Banque Misr, said that the certificate’s proceeds amounted to EGP 140bn since its issuance.

The two banks issued that certificate on 4 January, for a period of one year, with an annual interest of 25% spent at the end of the period, or 22.5% spent monthly.

The two banks resorted to offering that certificate in order to combat inflation and attract foreign exchange, as part of their role as the two largest government banks in the Egyptian market.

The certificate is issued in denominations of EGP 1,000 and its multiples and is available to natural persons, adults and minors, and to Egyptians and foreigners.

The interest is calculated from the day following the direct purchase of the certificate, and it is possible to borrow against its guarantee during the period, but it is not possible to recover its value before the 6-month period begins on a working day following the day of purchase. The certificate is also retrieved at the end of its period at its full nominal value, and it can be recovered earlier if the recovery values determined by the two banks are met.

Banque Misr’s 25% Interest-Saving Certificate to be Suspended Within Days

Banque Misr will suspend the 25% saving certificate after achieving the target within days, said Mohamed el Atribi, Board Chairman of Banque Misr.

The bank will suspend the one-year maturity saving certificate by the end of this month, he added in statements on Monday.

The National Bank of Egypt (NBE) and Banque Misr have issued new one-year maturity saving certificates with a 25 percent yield after one year.

The certificates are also available at a 22.5% yield for monthly disbursement.

 

National Bank of Egypt aims for 30% growth in 2023

Egypt’s largest state-run lender, National Bank of Egypt (NBE) is aiming for growth of 30 percent in 2023, its vice chairman said on Wednesday.

According to Amwal Al Ghad, “The NBE is aiming for growth of 30 percent in terms of lending portfolio, deposits, and saving pools within 2023,” Yehia Aboul Fotouh told Amwal Al Ghad.

The bank is currently studying arranging a number of syndicated loans designed to support giant national projects, Aboul Fotouh said, without disclosing any further details about the size of these loans.

“We are expecting to sign the (loan) deals within 2023,” he added, saying the bank’s portfolio of syndicated loans had exceeded 100 billion Egyptian pounds ($4 billion).