NBE Lowers Value Of Prizes For CDs Holders By EGP 304, 000
The National Bank of Egypt (NBE) reduced the value of the prizes given through quarterly draws to holders of three-year certificates of deposit and five-year certificates of deposit from EGP 376,000 to EGP 72,000.
The bank also lowered the value of the prizes given in draws for holders of the five-year certificates of deposit, which have half-yearly return, from US$ 20,000 to US$ 2,000.
Such move came as the bank targets to increase its profit in the current fiscal year as this reduction will provide the bank with about EGP 300,000, which is a low value as compared to the bank’s profit which reached EGP 2.6 billion at the end of the last fiscal year ended on June 30th 2012, sources said.
