AlexBank tops most efficient banks with best loan-to-deposit ratio, net interest margin
The index is based on seven sub-indicators: Net Interest Margin, Nonperforming Loans-to-Total Loans ratio, Loan-to-Deposit Ratio, Tier-1 Capital Adequacy Rate, Return on Average Assets, Return on Average Equity, and Cost-to-Income Ratio. AlexBank achieved a net income of EGP 7.3bn last year, with an average of EGP 113bn in assets generating returns. It had the second-highest rate in net interest margin, as most of its gains came from interest. It also had the third-highest rate in return on average assets and average equity. Meanwhile, the return on average equity increased to 17.7% from 16.1% in 2021, and the net interest margin decreased to 3.8% from 4.2%.
Source:Daily News Egypt
November 16, 2023 16:59 UTC
Israel calls Security Council resolution on humanitarian pauses in Gaza ‘meaningless’
CAIRO - 16 November 2023: A UN Security Council resolution calling for humanitarian pauses in Gaza is “disconnected from reality and is meaningless,” Israel said Wednesday. Twelve countries voted for the Malta-drafted resolution, with the U.S., the U.K., and Russia abstaining. The resolution calls for “urgent and extended humanitarian pauses and corridors throughout the Gaza Strip for a sufficient number of days to enable, consistent with international humanitarian law, the full, rapid, safe, and unhindered humanitarian access for United Nations humanitarian agencies and their implementing partners.”It also calls for the release of “all hostages held by Hamas and other groups, especially children” and for all parties to “refrain from depriving the civilian population in the Gaza strip of basic services and humanitarian assistance.”Israeli Ambassador to the UN Gilad Erdan said in a statement after the vote that “regardless of what the council decides, Israel will continue acting according to international law while the Hamas terrorists will not even read the resolution at all, let alone abide by it.”
Source:Egypt Today
November 16, 2023 13:40 UTC
Oriental Weavers aims to expand operations in France, Brazil, and Germany
Oriental Weavers aims to expand its export operations during the current year, with plans to increase its business base in key markets such as France, Brazil, and Germany in the current quarter. The company is currently expanding both through export and establishing a presence in foreign countries, with the company’s international markets reaching approximately 130 countries. Meanwhile, the company’s sales in the European market jumped by 88% during the third quarter, driven by the introduction of new products to the market, increasing the company’s sales volume. On the other hand, sales in the African region witnessed significant growth of 153% on an annual basis during the current quarter, driven by strong demand in Libya, Kenya, and Tanzania. The company’s total revenues during the same period recorded EGP 12.8bn, compared to EGP 9.5bn during the comparative period, representing an increase of 36%.
Source:Daily News Egypt
November 16, 2023 09:48 UTC
Increase in revenues, net profit lifts EFG Holding’s 9-month performance to new heights
Although operating expenses, including provisions and Expected Credit Losses (ECL), rose 22% Y-o-Y to EGP 2bn in 3Q23, the Group’s net operating profit soared to EGP 1bn, reflecting an impressive 40% Y-o-Y increase. The Group’s net profit after tax and minority interest amounted to EGP 395m, a notable 24% Y-o-Y growth. Despite lower revenue contributions from Holding and Treasury Activities, as well as Investment Banking, EFG Hermes’ net operating profit amounted to EGP 390m, a notable 22% Y-o-Y increase. Operating expenses inched up 7% Y-o-Y to EGP 538 million primarily due to higher employee expenses and provisions, leading net operating profit to dip 20% Y-o-Y to EGP 129m. Consequently, the bank’s net profit after tax soared an impressive 214% Y-o-Y to EGP 345 million.
Source:Daily News Egypt
November 16, 2023 09:47 UTC
Celebrities and influencers punished for speaking out against Israel
Following the outbreak of Israel’s assault on the Gaza Strip, several influencers and celebrities worldwide have lost their jobs simply for declaring their solidarity with the victims of the aggression. Palestinian model Bella Hadid stood at the forefront of support for the Palestinian cause, turning her life upside down. Her vocal opposition to the occupation army has earned her death threats, scaring her family, but Hadid refused to remain silent. This would cost her a deal with high fashion house Dior, who would replace her with Israeli model May Tager. Another account said: “Celebrities’ words are influential, and their support for the issue makes a difference, defines it, and communicates the issue to the largest possible number of people.”
Source:Egypt Independent
November 16, 2023 06:11 UTC
CBE receives $1.719bn in bids for USD-denominated T-bills tender
The Central Bank of Egypt (CBE) received 28 bids totalling $1.719bn in a tender for USD-denominated treasury bills. The CBE had initially offered $1.610bn in one-year treasury bills, maturing on November 12, 2024. The proceeds from this tender will be used to repay a previous tender offered on November 15, 2022, through which the CBE obtained $1.6bn. There was no significant change from the yield of a similar tender offered on June 5, 2023. Investors in the dollar-denominated bills subscribe in the same manner as local currency-denominated bill offerings.
Source:Daily News Egypt
November 16, 2023 02:59 UTC
Contact Holding's Financing Portfolio Jumps To EGP 20Bn - Dailynewsegypt
(MENAFN- Daily News Egypt) Contact Financial Holding, Egypt's leading non-bank financial services provider, announced that its financing portfolio rose to EGP 19, up from EGP 13 during the comparative period of last year. This came in the company's consolidated financial results for the first nine months of 2023 announced on Tuesday. The company achieved significant growth in its financing portfolio, net profits, and key business segments, demonstrating its resilience and adaptability in the face of challenging market conditions. Net profits also surged by 33% to EGP 405m, demonstrating the company's resilience and the effectiveness of its growth strategies. “Meanwhile, our Contactcars platform continued to strengthen and support the Auto Financing segment and has also started to effectively monetize both classifieds ads and dealer subscriptions.
Source:Daily News Egypt
November 16, 2023 02:33 UTC
Mufti condemns Israeli finance minister’s “voluntary migration” remarks
Egypt’s Mufti Shawki Allam denounced irresponsible remarks made by the Israeli occupation’s far-right finance minister, Bezalel Smotrich, suggesting that the “voluntary migration” of Palestinians in Gaza is the “right humanitarian solution” for the besieged enclave and for the region. In a press release by Dar Al-Ifta on Tuesday, Allam said this proposition is intended to liquidate the Palestinian cause, commending the Egyptian Foreign Ministry for its categorical rejection of the minister’s provocative statements, which constitute a flagrant violation of international law and humanitarian law. Greeting the people of Gaza for their steadfastness against the Israeli occupation, Allam also reaffirmed Dar Al-Ifta’s rejection of the forced displacement of Palestinians into Egypt, Jordan, or anywhere else.
Source:Egypt Independent
November 15, 2023 22:12 UTC
Up to 30 Irish citizens could escape Gaza through Egypt today
Irish citizens may finally be able to flee Gaza today, as their names have been included on the country’s evacuation list. Up to 30 Irish citizens could have the opportunity to escape the conflict through Egypt’s borders. There are believed to be 40 Irish citizens currently in Gaza. “I am very pleased that a number of our Irish citizens are on the list today to come through the crossing at Rafah. "We expect additional Irish citizens and dependents in Gaza to be on the list in the coming days.
Source:Egypt Today
November 15, 2023 21:42 UTC
Egypt, Zimbabwe Agree To Boost Cooperation In Agriculture, Infrastructure - Dailynewsegypt
(MENAFN- Daily News Egypt) Egypt's President Abdel Fattah Al-Sisi and President Emmerson Mnangagwa of Zimbabwe met on Tuesday and expressed their desire to strengthen their bilateral relations, especially in the fields of development cooperation. They agreed on the importance of developing cooperation in agriculture and agro-manufacturing projects, maximizing the use of livestock and fish resources, and ensuring food security for both countries. They also discussed cooperation in various infrastructure sectors to provide joint development opportunities. In a separate meeting, President Al-Sisi met with Prime Minister Mostafa Madbouly and Minister of Supply and Internal Trade Ali Al-Mosilhi. This is part of the state's keenness to secure the needs of citizens and stabilize the Egyptian food security situation.
Source:Daily News Egypt
November 15, 2023 15:41 UTC
Egypt Announces Aid Corridor for Gaza, Sparks Global Outrage
New Delhi: In a move that has sparked global outrage, Egypt has recently declared the establishment of a humanitarian aid corridor into the besieged territory of Gaza. Egypt’s President, Abdel Fattah al-Sisi, has pledged to ensure a “sustainable” humanitarian aid corridor for Gaza. The United States Vice President, Joe Biden, hailed President al-Sisi’s efforts in facilitating the aid corridor. FAQs:Q: What is the purpose of the aid corridor announced by Egypt? A: The aid corridor is intended to provide essential supplies and humanitarian assistance to the besieged territory of Gaza.
Source:Egypt Today
November 15, 2023 14:27 UTC
FM Shoukry chairs final meeting of business leaders group for COP27
Sameh Shoukry, Minister of Foreign Affairs and President of the 27th session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), chaired the final meeting of the Business Leaders Group for COP27 on Tuesday. The meeting was held virtually and attended by prominent figures from the private sector. The group aimed to communicate with various parties involved in climate action and to explore ways to support the efforts to achieve the climate goals. This fund represents an element of climate justice that contributes to the global efforts to confront climate change. These events aimed to overcome the obstacles to financing and to identify the investment opportunities and available solutions in this regard.
Source:Daily News Egypt
November 15, 2023 13:11 UTC
How CIB Outperforms Its Peers On EGX In 3Q 2023 - Dailynewsegypt
(MENAFN- Daily News Egypt) The Commercial International Bank's (CIB) stock has been making a comeback in the Egyptian stock market in the past week. Mohab Ajeena, Head of Technical Analysis at Beltone Financial Holding, advises current market participants to keep the Commercial International Bank's stock. Bassam Abu Ghaneima, Director of Technical Analysis at Arabeya Online, expects the Commercial International Bank's stock, along with Hermes' stock, to support the market's rise. Research centers on the Commercial International Bank indicate that its market value is higher than its fair value. Arab African International Securities Research views the positive business results for the Commercial International Bank in the third quarter of this year as a sign of optimism.
Source:Daily News Egypt
November 15, 2023 09:44 UTC
Web Summit 2023: Egypt Participates With 33 Innovative Startups - Dailynewsegypt
(MENAFN- Daily News Egypt)Egypt, through the General Division for Digital Economy and Technology of the Federation of Egyptian Chambers of Commerce and the Information Technology Industry Development Agency (ITIDA), is participating in the Web Summit, a global technology event held in Lisbon, Portugal, from 13 to 16 November. The event features 33 Egyptian startups, some of which are exhibiting their solutions under the Egyptian pavilion, and others are attending the conference sessions. This is the fourth consecutive participation of Egypt through the Egyptian pavilion. In the previous edition, Egypt participated with 23 startups under the Egyptian pavilion, and a delegation from the General Division for Digital Economy and Technology attended the conference sessions. This helps to attract more investments to this sector and expand the base of venture capital funds, international financing institutions, and platforms that support entrepreneurs in Egypt.
Source:Daily News Egypt
November 15, 2023 09:43 UTC
Juventus extend contract of banned Fagioli until 2028
Nov 14 (Reuters) - Juventus have renewed the contract of Nicolo Fagioli until June 2028, the Serie A club said on Tuesday, after the Italian Football Federation (FIGC) banned the midfielder for seven months for breaching rules on betting on matches. Fagioli's previous deal, signed in August 2022, was valid until 2026. "The relationship with Nicolo therefore continues, with the midfielder having arrived at Juventus in 2015 as a 14-year-old, rising through the youth ranks until his senior debut in 2021," Juventus said in a statement.
Source:Egypt Today
November 15, 2023 09:17 UTC