The National Bank of Egypt (NBE) has achieved an unprecedented deposit portfolio boom, seeing an unprecedented EGP 300bn increase from last year. The big increase brings its deposit portfolio to EGP 1.5trn, for the first time in the history of Egyptian banks.
NBE Chairperson Hisham Okasha said with this milestone now achieved, the bank now has 30% of the deposits’ share market. He added that it reflects customer confidence in the NBE, and its ability to meet their savings demands.
Deputy Chairperson Yehya Aboul Fotouh said the EGP 300bn portfolio growth includes current and savings accounts, along with deposits and savings certificates.
He highlighted the success of its platinum 15%-interest saving vessels, which are in high demand. Customers have bought EGP 88bn worth of certificates in a short time.
Karim Soos, NBE’s Director of Branches and Retail Banking, said the NBE is boosting the efficiency of services provided to customers through branches and management. The bank is also looking at alternative channels, such as internet banking for individuals and companies, which is now used by 2.3 million customers.