NBE’s total foreign exchange earnings exceed $12bn: vice chairperson

Hossam Mounir
3 Min Read

The National Bank of Egypt’s (NBE) total foreign exchange earnings since 3 November 2016 are estimated to be more than $12bn, according to the vice chairperson of the bank, Yahia Aboul Fotouh.

Aboul Fotouh said in a statement to Daily News Egypt that the bank’s total earnings in July 2017 amounted to more than $1.5bn.

He added that the bank has financed foreign trade operations worth $13bn since November 2016.

The vice chairperson revealed that the bank will open on Tuesday its affiliated Al-Ahli Exchange Company with an issued capital of EGP 200m and a paid-up capital of EGP 50m.

Aboul Fotouh said that the new exchange company will initially operate through two branches only in Nasr City. The bank plans to open 15 branches of its exchange company in its first year and then 30 branches within two years.

Mohamed Abdel Rahim, head of the risk sector at the NBE, took over the chairmanship of the new company, while Nabil Fouad, from the NBE, will manage the company.

In an earlier interview with Daily News Egypt, Aboul Fotouh pointed out that there is an inclination towards recycling the direct investments portfolio of the bank in companies. He added that the bank owns successful companies from which it does not plan to exit. Those include Al Ahly Capital, Al Ahly Mortgage Financing, Al Ahly Medical Services, and Al Ahly Lands Reclamation and Cultivation.

The NBE’s total deposits reached EGP 860bn on 30 June 2017, including more than EGP 300bn in high-yield certificates launched for a three-year term with a 16% yield, and for am 18-month term with a 20% yield.

The bank’s loans portfolio was estimated at EGP 360bn by the end of the last fiscal year (FY), including EGP 32bn for short and medium enterprises (SMEs) and microenterprises, in addition to EGP 42bn for retail banking and individuals. The rest was for major companies, according to Aboul Fotouh.

He pointed out that the sectors of petroleum, electricity, and industry have the largest part of the loan portfolio in the bank.

Share This Article
Leave a comment