Egypt’s National Bank says deposits skyrocket to half trillion pounds

National Bank of Egypt’s (NBE) deposits portfolio jumped to around a half a trillion Egyptian pounds (US$63.8 billion) at the end of August 2015. Therefore, the country’s biggest state-run bank would seize around 30 percent of the total deposits of the Egyptian Banking System.

Yehia Aboul Fotouh – NBE’s executive board member- told Amwal Al Ghad Sunday that the bank targets 15 percent growth in its deposits portfolio within the current fiscal year.

He asserted that the continuous increase in NBE and the Banking System’s deposits generally reflects clients trust on banks.

National Bank of Egypt is studying financing projects in different sectors, notably power sector, as it has recently approved participating in a fund for the Egyptian Electricity Holding Company (EEHC) worth US$525million, the official added.

Aboul Fotouh said that the bank is studying arranging a loan worth 900 million pounds for a real estate development company to implement large project in Suez road.

The bank is also studying arranging a long-term loan for another real estate development company worth 500 million pounds.

Moreover, member Aboul Fotouh said that the National Bank of Egypt is studying arranging loan estimated at US$200 million to fund developing and upgrading one of petrochemical labs with the participation of other five banks.