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Banking and Finance

Porto Group incurred net losses of EGP 16.34 million in Q1-20
1 hour ago Porto Group provides guarantee for loan to Porto October
Cairo – Mubasher: The board of directors of Porto Group Holding decided to provide a guarantee to its subsidiary Porto October. The company’s chairman and managing director has been authorised to sign a joint guarantee agreement at a value of EGP …
Some cars were exempt from the payment of more than EGP 1.132 billion
2 hours ago Alexandria Customs issues clearance for EGP 3.9bn cars, spare parts in July
Cairo – Mubasher: Alexandria Customs collected total taxes of EGP 1.105 billion for issuing customs clearance for cars and spare parts at a combined value of EGP 3.908 billion in July, the head of the Egyptian Customs Authority, Kamal Negm, said …
The issuance will be used to finance the country’s budget deficit
3 hours ago CBE offers EGP 20.5bn T-bills on Thursday
Cairo – Mubasher: The Central Bank of Egypt (CBE) will offer treasury bills (T-bills) worth EGP 20.5 billion on Thursday on behalf of the Ministry of Finance. The first tranche of the T-bills amounts to EGP 9.5 billion and will be offered through …
The lender's total income retreated by 4.5%
3 hours ago RAKBANK's net profits decline by 45% in H1-20
Abu Dhabi – Mubasher: National Bank of Ras Al Khaimah (RAKBANK) saw a 44.7% decrease in net profits to AED 306.6 million for the January-June period of 2020, compared to AED 554.9 million in the same period of 2019. The bank's total assets reached …
The Q2-20 profits amounted to SAR 955 million
5 August 04:55 PM Samba profits grow 2% in Q2
Riyadh – Mubasher: Samba Financial Group gained SAR 955 million worth of net profits in the second quarter (Q2) of the year, up 2.14% when compared to SAR 935 million in the year-ago period. Total revenue from special commissions, financing and …
The Sukuk aims to reinforce the bank's capital
5 August 03:50 PM Khaleeji Commercial Bank finalises $159m Sukuk issuance
Dubai - Mubasher: Khaleeji Commercial Bank has closed $159 million Sukuk issuance fully covered by GFH Financial Group as the sole subscriber, according to a press release on Wednesday. Issued following the approval of regulatory authorities and …
The platform offers its participants payment solutions
5 August 12:14 PM CBUAE, Arab Monetary Fund ink agreement for settlement services in AED
UAE – Mubasher: The Arab Monetary Fund (AMF) has signed an agreement with the Central Bank of the UAE (CBUAE) to provide settlement services in dirham (AED) through its Buna platform, a multi-currency payment platform. These services allow …
The consumer debts for Q2-20 came in at SAR 335.77 billion
4 August 03:35 PM Saudi consumer debts up 5.3% in Q2
Riyadh – Mubasher: The overall value of consumer debts in Saudi Arabia increased by 5.3% year-on-year (YoY) in the second quarter (Q2) of 2020, equivalent to SAR 16.89 billion. The consumer debts for the April-June period of the year came in at …
Some of the loans will help SMEs gauge the coronavirus pandemic effects
4 August 02:56 PM Saudi ADF approves agricultural loans worth over SAR 337m
Riyadh – Mubasher: Saudi Arabia’s Agricultural Development Fund (ADF) has approved a number of loans as well as credit facilities and guarantees worth more than SAR 337 million to support to the kingdom's agricultural sector, Saudi Press Agency …
FAB has attracted over CNY 3.6 billion in international orderbook
4 August 01:34 PM FAB issues CNY 3.25bn Formosa bond
Abu Dhabi – Mubasher: First Abu Dhabi Bank (FAB) has issued the world's largest Chinese Yuan-denominated dual-listed Formosa bond worth CNY 3.25 billion ($465 million) of a 5-year term, according to Emirates News Agency (WAM). FAB has attracted …
These facilities coincide with the second phase of restructuring
4 August 10:18 AM NMC Health obtains $250m bank facilities
UAE - Mubasher: NMC Health, the largest private healthcare provider in the UAE, has received new financial facilities worth $250 million, Zawya reported. The facilities coincide with the second phase of the health group's planned restructuring, …
Saudi Arabian Monetary Authority (SAMA)
3 August 04:38 PM Saudi banks’ investments in gov’t bonds down 4.6% in H1-20
Riyadh – Mubasher: Saudi banks have lowered their purchases of government bonds during the first half (H1) of 2020 by 4.6% year-on-year (YoY) or SAR 2.17 billion. The Saudi lenders' investments in government bonds amounted to more than SAR 44.5 …
The transaction will significantly strengthen the lender’s financial position
3 August 09:31 AM Khaleeji Commercial Bank issues $159m Sukuk
Dubai - Mubasher: Khaleeji Commercial Bank has successfully issued Sukuk worth $159 million, subject to approvals from regulatory authorities and the extraordinary general meeting (EGM). Shareholders supported the bank to issue Additional Tier 1 …
The bank credit increased to SAR 1.672 trillion
2 August 02:10 PM Saudi banks exceed maximum loan-to-deposit ratio in Q2-20
By: El-Sayed Gamal Riyadh – Mubasher: Deposits held by banks operating in Saudi Arabia grew by SAR 151.53 billion or 8.9% year-on-year (YoY) to SAR 1.843 trillion during the second quarter (Q2) of 2020 from SAR 1.691 trillion. Meanwhile, the value …
The money supply retreated to EGP 1.084 trillion
29 July 05:36 PM Egypt's domestic liquidity hits new record in June
Cairo – Mubasher: Local liquidity in Egypt continued its upward trend, growing by 1.9% or EGP 87 billion month-on-month (MoM) to a historic level of EGP 4.538 trillion in June from EGP 4.451 trillion in May, official data showed. Year-on-year …
The AMF is also considering requests from other member states
29 July 04:20 PM AMF supports Egypt's reforms with $639m new funding
Cairo – Mubasher: The Arab Monetary Fund (AMF) signed a new loan worth $639 million with Egypt to support a reform programme in the public finance sector amid the coronavirus (COVID-19) crisis, the Emirates News Agency (WAM) reported on Wednesday. …
ADCB's total assets recorded AED 406.235bn
29 July 02:17 PM ADCB's net profits shrink 48% YoY in H1-20
Abu Dhabi – Mubasher: The financial statements of Abu Dhabi Commercial Bank (ADCB) showed a 48% year-on-year (YoY) plunge in net profits to AED 1.44 billion in the first half (H1) of 2020, compared to AED 2.33 billion in the same period of 2019. …
Remittances amounted to SAR 69.43 billion in H1-20
29 July 11:32 AM Expat remittances in Saudi Arabia surge 13% in 6M
Riyadh - Mubasher: Remittances by expatriates in Saudi Arabia posted a 13% annual growth in the first half (H1) of 2020, equivalent to SAR 8 billion ($2.1 billion). Remittances amounted to SAR 69.43 billion ($18.5 billion) during the period ended …
The EPS settled at AED 0.07 in H1-20
29 July 09:40 AM NBQ sees AED 127m net profits in H1-20
Abu Dhabi – Mubasher: The net profits of the National Bank of Umm Al Qaiwain (NBQ) reached AED 127.24 million during the first six months of 2020, down from AED 238.89 million in the same period of 2019. The bank's net interest income and net …
Attijariwafa Bank Egypt participated in the largest local currency bond issuance in Egypt
28 July 06:20 PM Attijariwafa Bank Egypt contributes EGP 505m to 3 securitised bond issues
Cairo – Mubasher: Attijariwafa Bank - Egypt has contributed a total of EGP 505 million to three securitized bond issues during 2020. The bank acted as a co-underwriter of the first securitised bond issuance valued at EGP 545 million by Tanmeyah …
The loan is guaranteed by a 100% promissory note
28 July 04:48 PM SAPTCO’s unit secures SAR 1.1bn loan for Riyadh Buses project
Riyadh – Mubasher: Public Transport Company, an 80% subsidiary of the Saudi Public Transport Company (SAPTCO) has sealed a Sharia-compliant credit facility agreement with the Arab National Bank (ANB) for SAR 1.1 billion. The loan, guaranteed by a …
Trading will be halted from 30 July to 3 August
28 July 03:21 PM CBE, EGX announce Eid El-Adha holiday
Cairo – Mubasher: The Central Bank of Egypt (CBE) announced that banks will be closed from Thursday, 30 July, to Monday, 3 August, on the occasion of Eid El-Adha. Banks will be reopened on Tuesday, 4 August, the CBE said in a statement on Tuesday. …
The lender’s interest income retreated to EGP 2.6 billion
28 July 01:46 PM Credit Agricole Egypt’s indicators show 46% profit slide in H1-20
Cairo – Mubasher: The unaudited consolidated financial results of Credit Agricole Egypt showed net profits of EGP 701.01 million in the first half (H1) of 2020, down by 46.3% year-on-year (YoY) from EGP 1.304 billion. The lender’s interest income …
Foreign investors are returning to cash in on a favorite carry trade
28 July 01:27 PM Foreign investors inject $3bn into Egyptian debt in 2 weeks
Cairo – Mubasher: Foreign investors injected $3 billion into Egyptian debt in the first two weeks of July, Bloomberg reported on Monday, citing Egyptian officials who asked not to be identified. At the end of June, international investors’ …
Egypt’s tourism revenues declined by $300 million in Q3 of FY19/20
28 July 11:36 AM Egypt’s current account deficit shrinks 39% in Q3-FY19/20
Cairo – Mubasher: Egypt’s current account deficit narrowed by 39.2% year-on-year (YoY) to $2.8 billion in the third quarter (Q3) of fiscal year 2019/2020, compared to $4.5 billion in the year-ago period, according to data released by the Central …