ICEC

AlexBank Reports EGP 30.3 Bln Deposits In March

Deposits of AlexBank, subsidiary of Intesa Sanpaolo Group, grew 8% as they registered EGP 30.3 billion in last March, up from EGP 22.3 billion in 2010. In addition, Individual deposits reached EGP 26.7 billion last March.

Basel Rahmy, head of retail , said that foreign deposits stood at 18% of the total value of the bank’s deposits.

In addition, AlexBank offered three-year dollar certificates of deposit with a 2.75% interest in addition to three-year Alex Star certificates with 11% interest.

Rahmy noted that loans to deposits ratio registered 65%, as loans portfolio reached EGP 19.4 billion and deposits portfolio reached EGP 30.3 billion at the end of March.

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