Egypt’s PBDAC Enjoys Surplus Liquidity, EGP4.5 bln Debt Instruments

Emad Abd El-Aziz Salem, Vice Chairman of the Board and Director at Principal Bank for Development and Agriculture Credit (PBDAC), asserted that his bank owns surplus liquidity, refuting media reports about the bank’s bankruptcy.

Salem revealed to Amwal Al Ghad that the total investments of the bank debt instruments of government are EGP4.5 billion, EGP3.5 billion for treasury bills and EGP1 billion for treasury bonds.

Salem pointed out that PBDAC has EGP780 million credits along with EGP3.3 billion credit for the Central Bank of Egypt (CBE).

He explained that the total assets of PBDAC are EGP38 billion, EGP18 billion flat assets, aside the loan portfolios which reached EGP17 billion, whereas the customers’ deposits of CBE up EGP27 billion.

According to the bank’s losses, Salem added that EGP466 million losses have been reduced at the end of October 2012 to become EGP38 million within the first 4 months of the current year.