amwalalghad :: Banks

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GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Modern Company For Water Proof   1.03        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Pioneers Holding   2.84        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Egyptian Iron & Steel   6.87        Naeem Holding   0.19        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Egyptian for Tourism Resorts   0.69        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Rowad Tourism (Al Rowad)   5.05        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Sharkia National Food   3.78        Egyptian Transport (EGYTRANS)   7.85        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Al Arafa Investment And Consul   0.17        Prime Holding   0.91        Alexandria Spinning & Weaving    0.74        General Company For Land Recla   16.6        Gharbia Islamic Housing Develo   8.41        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        


Business - Banks

Amwal Al Ghad English - 2014-07-18 10:31:30
The Central Bank of Egypt on Thursday raised key interest rates by 100 basis points each to keep inflation in check. The move came two weeks after Egypt's government substantially raised prices of several regulated items in order to reduce the government's subsidies bill, which was hurting the cash-strapped Arab country. The government earlier this month revised up the prices of items such as fuel, electricity and tobacco as part of its 2014-2015 fiscal consolidation plan, which, the Egypt central bank said, will improve the fiscal sustainability over the medium-term but also increase prices. The Monetary Policy Committee, in a statement posted on the Egyptian central bank website, said "a pre-emptive rate hike is warranted to anchor inflation expectations and hence limit a generalized price increase, which is detrimental to the economy over the medium-term." The Monetary Policy Committee raised the overnight deposit rate, overnight lending rate, and the rate of the central bank's main operation each by 100 basis points to 9.25%, 10.25%, and 9.75%, respectively. The discount rate was also raised by 100 basis points to 9.75%, it said. The MPC added that it will continue to closely monitor economic developments and will adjust key rates to ensure price stability over the medium-term. "The Egyptian central bank's surprise decision to hike interest rates today appears to have been in anticipation of a sharp rise in inflation over the coming months," said Jason Tuvey, an economist at London-based Capital Economics. "This follows the government's recent move to raise energy prices. However, economic growth remains weak and financial support from the Gulf continues to support Egypt's balance of payments position. As such, we think today's move could ultimately prove to be a one-off," Mr. Tuvey added in a note to clients. The annual inflation rate remained broadly unchanged at 8.2% in June. Cairo-based EFG Hermes expects inflation to jump into double digits and likely peak at 15% year-over-year by mid-2015. More»
Ahmed Ali & Sayed Badr - 2014-07-17 13:39:57
Barclays's Egyptian arm is expecting to register a 15% growth in first half profits, said Barclays Egypt's finance director Mohamed Sherif on Thursday. Sherif told Amwal Al Ghad that Barclays Egypt's profits will range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014. According to H1 unaudited indicators, Barclays Egypt reported EGP 13.5 billion in its deposit portfolio, whereas the bank's total investments in Egypt's governmental debt instruments reached around EGP 8 billion, he noted. Moreover, the banking official forecasted that Barclays Egypt's credit portfolio is likely to hit EGP 6.2 billion in H1; while personal loans will report EGP 1.9 billion and the corporate loans will stand at EGP 3.7 billion. The bank is also targeting pumping loans (both personal and corporate) worth EGP one billion within the current year, he added. Barclays Egypt plans as well to inaugurate two branches in Sixth of October City and Fifth Settlement district within the coming three months to support its banking network. More»
Mohamed Hamdy - 2014-07-17 12:17:56
Egyptian Arab Land Bank eyes pumping new finance worth EGP750 million within the current fiscal year of 2014/2015, so the total value of portfolio increased to EGP12.750 billion. Speaking to Amwal Al Ghad, Mr. Abdel Megid Mohy El-Din – Chairman said his bank is aiming focusing on all the vital sectors including Petrochemicals, energy and real estate sectors. EALB participated in several joint finance in the last fiscal year headed by Egyptian General Petroleum Corporation's loan , KIMA's loan, Hyde Park's loan in addition to SODIC's loan which is ranging from EGP100 to EGP200 million. EALBdiscussed new strategy with the Central Bank of Egypt (CBE) by the upcoming period most notably it focuses on closing the losses file which estimated at EGP6 billion during the next 5 years through alluring new deposits valued at EGP12 billion by 2018 along with expanding in pumping new loans in the market. Moreover, EALB's branches achieved EGP25 million profits in Palestine and Jordon within the first half of the ongoing year. More»
Amwal Al Ghad English - 2014-07-17 09:44:09
Abu Dhabi Islamic Bank PJSC (ADIB)’s Egyptian unit sees demand for Shariah-compliant finance picking up, expecting to complete deals for about 5 billion Egyptian pounds ($699 million) in the next year. The institution is working to provide syndicated financing for as much as five infrastructure projects in electricity, oil and gas, Nevine Loutfy, the only woman chief executive officer of a Shariah lender in the Middle East, said July 15. ADIB Egypt was one of six lenders, including state-owned Banque Misr SAE that arranged a $110 million Islamic facility for East Delta Electricity Co. in February 2013, the nation’s first Islamic loan, she said. “Shariah-compliant financing is our mandate and we will continue to expand it,” Loutfy, who joined ADIB Egypt from Citigroup Inc. (C:US) in 2008 as the top executive, said in an interview at her Cairo office. The bank is focused on “projects that are essential to the Egyptian economy and that will contribute positively” to growth, she said. Islamic banking assets may double to $3.4 trillion by 2018 from last year as investors seek vehicles that meet the religion’s ban on interest, according to Ernst & Young LLP estimates. Saudi Arabia, home to Al Rajhi Bank, the world’s biggest publicly traded Islamic lender, the United Arab Emirates and Kuwait have provided almost $15.6 billion of aid to support Egypt’s government, which took over after the military removed Islamists from power last year, according to an estimate by Cairo-based EFG-Hermes Holding SAE. Islamic Financing ADIB Egypt, which completed deals for about 3.3 billion pounds since February 2013, is moving to capture share in a market dominated by conventional banks and one that has seen lending slump amid political turmoil that began in 2011. The loan-to-deposit ratio at Egyptian banks fell to 41 percent in April, the lowest in central bank records dating back to 2000. Three of Egypt’s 40 banks are Shariah compliant, and the regulator doesn’t segregate their data. Islamic syndicated financing in Europe, the Middle East and Africa has risen 21 percent to $6.2 billion so far this year compared to the same period last year, data compiled by Bloomberg show. “We’ve seen a rise in Islamic financing throughout the region,” Richard Segal, a London-based international credit strategist at Jefferies International Ltd., said by phone yesterday. “For a country like Egypt, it’s another source of financing which they probably shouldn’t turn their backs on.” Economic Reforms Egypt is trying to attract foreign investment to pull the economy from its worst slump in two decades with growth at about a third of the 6.2 percent averaged in the last five years of President Hosni Mubarak’s rule. The government raised fuel prices this month to help narrow the country’s budget deficit to 10 percent of gross domestic product, from an estimated 12 percent for the fiscal year that ended in June. “Despite economic reform decisions, investment spending is expected to lag over the next two years due to energy shortages and low-gear government investment,” Monette Doss, chief economist at Cairo-based HS Securities & Investment, wrote in a July 14 report. President Abdel-Fattah El-Sisi, the former army chief who ousted the Islamist government last year and was elected to the presidency in May, has vowed to repair an economy growing at the slowest pace in two decades, and called on Egyptians to make sacrifices, saying he’ll accept only half his own pay. Profitable Year ADIB Egypt expects 2014 to be its second profitable year in a row, Loutfy said. It had been posting losses since Abu Dhabi Islamic Bank in 2007 acquired the lender formerly known as National Bank for Development, according to data compiled by Bloomberg. Plans for the next three-to-five years include expansion of its investment banking unit into asset management, advisory services and private equity, Loutfy said. The bank’s stock rose 3.6 percent, the most in more than a month, to 7.85 pounds as of 10:30 a.m. in Cairo, while the benchmark EGX 30 Index declined 0.2 percent. In April, ADIB Egypt teamed up with Banque Misr and Bank Audi SAL to arrange a record 1.5 billion pound Shariah-compliant facility for Al Nouran Sugar to build a factory. The deal also attracted $30 million in the form of a mezzanine investment, or debt that’s convertible to equity in case of default, from the Islamic Development Bank in Jeddah, Saudi Arabia. Egypt “will probably see a substantial increase in this form of financing in the next few years, be it from a low base,” Segal said. “Investors are more inclined to look at Egypt now that the political situation has calmed down a bit.” More»
Amwal Al Ghad English - 2014-07-16 13:43:09
Bank of Alexandria has written off non-performing loans (NPLs) worth around EGP 116.7 million during the first three months of the current year. The bank's total written-off NPLs comprise of EGP 111.9 million related to companies and organizations in addition to EGP 4.789 million related to individuals. This comes after the bank had failed to collect credit facilities and loans despite taking all the necessary procedures to ensure the recovery of those finances. Therefore, Bank of Alexandria was driven to write off EGP116.7 million NPLs, and made adequate provisions, which shall be debited to retained earnings and dedicated for the impairment of assets exposed to credit risk. Bank of Alexandria - Intesa Sanpaolo's NPLs ratio to total loans stands at around 7.45% at Q1-end, compared to 8.02% at December-end. Meanwhile, the bank's special follow-up loans to total loans hiked to 7.91% in Q1, opposed to 6.30% at December-end. The bank divides its internal classifications to four levels for loans: (1) Performing Loans, (2) Regular Follow-up, (3) Special Follow-up, and (4) Non-Performing Loans. The Central Bank of Egypt requires provisions' ratio of 5% for the special follow-up loans (Watch list), and 20% for NPLs (Substandard) and 50% for NPLs (doubtful) and 100% of NPLs (bad debts). 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»