Amr Naseer added in a phone call with “Mubasher”, today, Sunday, that the variable return certificates were reduced to 10.5 percent.
In an emergency meeting last week, the Central Bank of Egypt’s monetary policy committee suddenly decided to reduce both the deposit and one-night lending rates and the main transaction price by 300 basis points to 9.25 percent, 10.25 percent, and 9.75 percent, respectively..
The committee emphasized that the measure of reducing interest rates was taken as an exceptional measure, which contributes to supporting economic activity in all its sectors, taking into account future expectations of inflation and its consistency with the targeted inflation rate of 9 percent (± 3%) during the fourth quarter of 2020.
It is noteworthy that the bank’s profits after taxes touched 4 billion pounds last year, compared to 2.5 million pounds during the previous year.
The business results showed that the bank’s financial position continued to grow, bringing the total assets to 183.4 billion pounds, a growth rate of 10 percent compared to 2018, supported by an increase in the total loan portfolio of customers and banks by 13.2 billion pounds to reach 79.2 billion pounds, a growth rate of 20 percent compared to the end of the fiscal year 2018.
The bank stated that the deposit portfolio increased by 20 billion pounds to 151 billion pounds, with a growth rate of 15 percent compared to 2018 .
He pointed out that the portfolio of small, medium and micro enterprises increased by 90 percent to reach 13.7 billion pounds in 2019, and the microfinance portfolio reached about 7 billion pounds by the end of 2019.