By: Islam Fadl
Cairo – Mubasher: The asset-liability committee (ALCO) of Banque du Caire decided to keep the rate of return on the fixed-rate certificates of deposits unchanged despite the Central Bank of Egypt’s (CBE) recent decision to slash interest rates by 3%.
The rate on floating certificates of deposits has been reduced to 10.5%, the bank’s head of retail banking and microfinance, Amr Nossair, told Mubasher in a phone interview on Sunday.
Earlier this month, the CBE’s Monetary Policy Committee (MPC) reduced the overnight deposit rate, overnight lending rate, and the rate of the main operation by 300 basis points (bps) to 9.25%, 10.25%, and 9.75%, respectively.
It is noteworthy that in the fiscal year 2019, Banque du Caire reported a 60% year-on-year (YoY) hike in its net profits after taxes to nearly EGP 4 billion, compared to EGP 2.5 billion in 2018,
The bank’s assets grew by 10% YoY to EGP 183.4 billion in 2019, supported by a 20% hike in a loan portfolio that reached EGP 79.2 billion.