amwalalghad :: Banks

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Business - Banks

Mohamed Hamdy - 2014-07-21 09:28:47
Arab Investment Bank of Egypt (AIB) Chairman Hani Seif El-Nasr said his bank attained EGP89 million before taxes within 2013. The total value of budget reached around EGP5.980 billion at the end of 2013 against EGP4.594 billion at 2012-end registering 30% growth rate, El-Nasr spoke to Amwal Al Ghad. The bank's General Assembly decided to denote with 2% from its net profits in favor of  Slums initiative which offered recently by Federation of Egyptian banks(FEB). Meanwhile, FEB  headed by Mr. Hisham Ezz Al-Arab agreed to allocate the annual profits of the banks which ranging between 1.5% to 2% with the aim of developing slums in the funds of FEB with initial capital up EGP150 million. More»
Mohamed Hamdy - 2014-07-20 12:51:16
Arab Investment Bank of Egypt (AIB)'s Extraordinary General Assembly approved to increase its issued capital to EGP1 billion against EGP500 million capital, Chairman Hani Seif El-Nasr said. In statements to Amwal Al Ghad, El-Nasr added that EGP500 million increases will depend on 3 years starting from the current year with the aim of supporting the bank's expansion strategy and providing more credit to a large number of economic sectors. The bank's deposits achieved EGP1.57 billion increase to register EGP5.091 billion at the end of 2013 in compared to EGP3.516 billion at 2012 with 45% growth rate, El-Nasr noted. Furthermore, the bank aims expanding in the Egyptian market during the upcoming period as small and medium sized projects have a great importance along with the Great development which witnessed by the bank's subsidiaries. More»
Amwal Al Ghad English - 2014-07-20 11:27:50
After being institutions' lender, is AlexBank turning into a retail bank? During first quarter, Bank of Alexandria - Intesa Sanpaolo's personal loans soared by EGP 275.9 million. Accordingly, the bank's portfolio of retail banking rose to EGP 11.26 billion. In comparison, the bank's corporate loans shrank by EGP 365.7 million to record EGP 10.6 billion in Q1, before deducting impairment loss that hit EGP 2.3 billion. In addition, the bank also reported a decline in Q1 worth EGP 28.352 million in its portfolio of loans and credit facilities – before deducting impairment loss - to reach EGP 19.573 billion, versus EGP 19.601 billion during same period a year earlier. In the same vein, banking sources referred to Amwal Al Ghad to key vital changes occurred in AlexBank's strategy in Egypt over the past four years. Those changes have triggered retail loans to seize the lion's share of AlexBank's credit portfolio instead of institutions' loans, the sources noted.  This has in return driven the bank's head of credit sector to step down. AlexBank has been for years a key player in arranging and marketing multiple syndicated loans (both EGP and USD dominated) in favour of major projects that back the national economy, the sources stated. In contrary, the bank is currently focusing more on retail lending, which is merely consumer loans that would not significantly contribute to the national economy. In 2010, the bank announced a strategy that aims to expand in sectors of aviation, tourism, hotels, gas, electricity, oil and industry. Yet, retail lending currently seizes over 50% of AlexBank's credit portfolio. Moreover, the sources pointed out to earlier statements by parent company Intesa Sanpaolo Group's leaderships in 2011, about pledges to pump around €500 million (over EGP4.2 billion according to the EGP's exchange rate during that time) in forthcoming infrastructure projects in Egypt. Such pledges were in vain and no announcements about financing infrastructure projects in Egypt have been made up till now, said the sources. Intesa Sanpaolo Group holds major shareholder in the Bank of Alexandria amounting to 70.25% of the bank shares. The International Finance Corporation (IFC) has 9.75% of the bank's share; whereas the Egyptian Government holds 20%. More»
Ahmed Ali, Sayed Badr - 2014-07-20 09:49:26
Board member and President of the Financial Sector at Barclays bank Egypt Mohammed Sharif said the unaudited indicators explain that SMEs finance portfolio closed at EGP390 million at last June in compared to EGP350 million at May-end. The bank attached great importance for SMEs projects across Africa generally and Egypt specifically and this pushes the bank to establish new administration for this vital sector since 2013. Strategy & Planning, Marketing & Corporate Affairs Director at Barclays Egypt Sherif El Behery stated previously to Amwal Al Ghad that the bank eyes boosting the portfolio to EGP700 million by the end of 2014. The bank established the administration in the last September and it seeks to make its finance up to 20% from the total value of credit portfolio within 3 years. Barclays is currently continuing to deal with the major firms to finance and boost its customers' SMEs portfolio, stressing that the sector is the real leader for Egyptian economic growth during the upcoming period, El Behery added. Moreover, the bank expects that the profits will hit EGP260 million within the first half of the ongoing year. More»
Ahmed Ali & Sayed Badr - 2014-07-19 12:00:29
Barclays's Egyptian arm plans to move its administrative headquarters to Egypt's Nasr City or Heliopolis districts, said finance director Mohamed Sherif. In a recent interview with Amwal Al Ghad, Sherif stated that Barclays Egypt is planning to move its administrative head office in Kasr El Aini in Garden City to Nasr City or Heliopolis district in east Cairo. In this respect, the banking official revealed that Barclays Egypt allocated investments worth EGP 480 million to establish its most modern administrative headquarters to serve the bank's future strategies. Barclays Egypt arm is expecting to register a 15% growth in first half profits, he noted, saying that profits are likely to range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014. Moreover, Sherif highlighted the bank's strategy includes the launch of its new mutual fund by the beginning of the fourth quarter that will invest in securities and other sectors. The fund will be with capitalisation of EGP 250 million, he added, referring that it may rise to EGP 750 million. More»