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Faisal Islamic Bank of Egypt announced net profits worth EGP 370.816m in the first half of 2013 compared to EGP 283.696m during the same period last year, marking a 31% increase.
Officials stated that the two sectors were very different and that one could not compare the two.
All banks are to remain open to receive clients between the 8.30am and 2pm, with employees required to stay until 3pm.
Banks returned to working normally starting Sunday for only three hours a day
Economic experts weight in on the effects of ongoing violence
The banks stated that they would study ways and mechanisms to decrease interest rates on triple term savings certificates, in order to reduce the cost of funds after intense declines recently seen in income derived from government debt and central bank tools.
The analysts stated that the recent downgrade would not have a large affect on Egypt’s banking sector, adding that the value of stock for some banks may decrease as a result, but only for one or two trading sessions at the most.
The Central Bank of Egypt orders banks to close early before army’s deadline to Morsi
Some banks convene meeting to form emergency plans, intensify security in case of upheaval
The law, which taxes funds set aside by banks to cover potential losses caused by defaulting debtors, was being reviewed by the Central Bank.
Ziad Bahaa El-Din Al-Shorouk Newspaper Columnist Ziad Bahaa El-Din tackles the issue of the new tax law issued by the Shura Council. “While Egyptians are busy pondering the fate of the kidnapped soldiers, the economic crisis, the blackouts, and preparing for the exams season, the Shura Council is issuing a new tax law. Its purpose …
CIB rated as most efficient, followed by NSGB, while HSBC places third due to its refusal to disclose information on its non-performing loans
Egypt’s market is also attracting attention from Gulf banks
Adverse affects on banks following Egypt’s downgraded S&P rating extend to pharmaceuticals
Difficult economic and political situation prevents further expansion
Offices, bank, roads and schools all targeted by protesters
European banks are shedding assets outside of the MENA region to rebuild their balance sheets affected by the financial and sovereign crises
State television had announced his resignation last month, which was quickly denied by the government
The banks as well as the stock market are ready to implement electronic signature technology, which is to be inaugurated by November, capital market expert, Moustafa Badra, told the Daily News Egypt. An electronic signature can be as simple as a typed name or a digitised image of a handwritten signature; it can facilitate the …
By Ibrahim El-Masry The newly appointed Minister of Industry and Foreign Trade, Hatem Saleh, has said that the Ministry is negotiating with the National Bank of Egypt (NBE) as well as a number of other banks to reach settlements for 1,500 factories that defaulted on their loans in the aftermath of the 25 January Revolution. Saleh …
he banks compete with one another to create better metrics to assess customer satisfaction in order to provide better services
By Asmaa Nabil Misr Real Estate Assets (MREA) has purchased 27.3 thousand metres of land from the National Bank of Egypt (NBE) and Banque Misr, valued at EGP 300 million. An official at Banque Misr said that MREA won the auction held last month for the two plots of land as part of plan to …
Banks willing to finance the stagnant construction materials sector
The significant reduction in bank loans to the petroleum and electricity sectors has opened up the chance for other economic sectors in need of financing.
The FJP’s economic committee sets out to restructure the National Investment Bank due to the intricate problems and inefficiencies it currently suffers
Accusation is made that billions lie in Egyptian bank
European and US stock markets mostly rose on Monday while the euro fell against the dollar
(Reuters) – Major ratings downgrades by Moody’s will further divide the world’s biggest banks based on their strength and access to cheap customer deposits. The ratings, released Thursday by Moody’s Investors Service, gave a competitive advantage to “safe-haven” banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that …
All banks in Cairo undertook efforts to secure their facilities as they expected violence regardless of the outcome.