Egyptian Gulf Bank Eyes EGP1bn New Deposits by 2015

Egyptian Gulf Bank (EGB) is aiming to allure EGP1 billion new deposits by 2015.

Head of Retail Banking Sector and Senior General Manager at Egyptian Gulf Bank (EGB) Sherif Farouk said the volume of deposit portfolio exceeded EGP8 billion in the current period, stressing that the bank is targeting to allure EGP1 billion new deposits by the next year.

Speaking to Amwal Al Ghad on Thursday, Farouk added that the bank is testing savings certificate for 10 years to be launched by the next year, stressing that it will support the bank’s deposits, in addition to starting banking insurance service by January 2015.

The bank inaugurated new branch in El Sheikh Zayed within the last period and it is targeting to get the Central Bank of Egypt’s approval to inaugurate branches in Ismailia, Suez, Port Said among the plan of 2014 so as to increase branches.

The bank’s financial reports revealed that it attained EGP181 million net profits against EGP153.4 million in the same period of the previous year, move up by 18% growth rates.