Banque Misr Chairman and Chairman of the Federation of Egyptian Banks Mohamed El-Etreby said that the ratio of loans to deposits in Banque Misr reached 39%, compared to 54% in the Egyptian banking sector as a whole.
In an interview with Al Arabiya, on the sidelines of the annual conference of the Union of Arab Banks in Riyadh, Al-Atribi pointed out the importance of following a conservative policy at the current stage to maintain the quality of the loan portfolio.
He stated that lending to clients in foreign currencies requires income in the same currency.
He explained that deposits grew significantly in the first half, while the percentage of doubtful loans declined to 2.7%, which is a low percentage.
Al-Atreby stated that the Bank of Egypt recorded profits amounting to 24.9 billion pounds in the last fiscal year, while the size of its assets reached 2.4 trillion pounds by the end of the fiscal year.
He revealed that the volume of deposits grew by more than 20% by the end of the fiscal year, while loans increased by 6% by the end of the fiscal year.
Al-Atribi stated that there is a strictness in granting loans to ensure customer loyalty.
He pointed out that the dollar savings certificates issued by the bank a month ago witnessed a great demand from the segment of individuals outside the country, especially in the UAE.
Al-Atrebi added that depositors with the bank have converted their current accounts into savings certificates, which increases the cost for the bank.
Al-Atrebi indicated that the bank launched certificates of deposit in dollars with an interest of 7% for a period of 3 years, pointing to the demand of Egyptians and Arabs abroad for certificates of deposit.
In the last week of July, Banque Misr offered the dollar summit certificate with a return of 9% annually, which is a certificate issued to Egyptians and foreigners, with a denomination of 1000 US dollars and its multiples, and the return is paid in advance for three years (27%) cumulatively in Egyptian pounds, and the date of issuance of the certificate starts from the day The work that follows the deposit and is considered the basis for the return and recovery, and the certificates are redeemed in US dollars in accordance with the terms and conditions regulating that.
Banque Misr also introduced the “Elite” dollar certificate with a return of 7% annually. It is a certificate for Egyptians and foreigners in denominations of 1,000 US dollars and multiples thereof. The date of the “Elite” dollar certificate begins on the business day following the deposit and is considered the basis for return and recovery. The return is disbursed quarterly in US dollars. In accordance with the terms and conditions regulating this.
