CIB Q3 net profit rises 5.6%
Egypt’s leading bank, Commercial International Bank (CIB), reported a 5.6% rise in the third quarter (Q3) net profit. The bank added that the net profit stood at approximately EGP 972m, up from EGP 920.4m in the same quarter last year.
Q3 consolidated revenues were EGP 2.04bn, up 17% from EGP 1.74bn achieved in the same quarter of 2013. Third-quarter standalone revenues were EGP 1.98bn, up 47% from EGP 1.35bn achieved in Q3 of 2013.
“The government’s landmark issuance of EGP 64bn in Suez Canal certificates had a limited impact on deposit gathering, with the bank seeing EGP 5.0bn in net new deposits,” the bank said in a statement.
(Photo from Al-Borsa News)
Mashreq Bank to offer highest interest rates on certificates of deposits
Mashreq Bank announced last week they would offer an “unprecedented” increase for the three-year and five-year certificates of deposit. They said they are making it the highest quarterly interest return on certificates of deposit in Egypt.
Investing in Mashreq Bank’s certificates of deposits provides quarterly interest pay-outs of 11% for the three-year certificates and 11.5 % for the five-year certificates. Interest can go up to 11.6% on the five-year certificates, providing yearly interest pay outs.
Pankaj Kundra, Head of Retail and Senior Vice President of Mashreq Bank in Egypt noted the bank is launching a new current account system. It will offer a daily interest account for individuals, an addition to the recently launched daily account for small business. The account pays interest up to 7% on daily balances, Kundra added.
ALEXBANK transforms customer service with Avaya Multimedia Contact Centre
ALEXBANK has deployed a comprehensive multimedia contact centre solution from Avaya, leading provider of technology solutions, to better serve the needs of a growing customer base. The new service includes the development of new mobile and self-service applications, the bank announced.
ALEXBANK’s new solution connects customers with 120 contact centre agents equipped to meet changing customer needs, including demand for social media-centric services and mobile applications.
Using the Avaya Aura Contact Centre and Avaya Workforce Optimisation solutions, ALEXBANK said they can enhance the productivity and accessibility of its customer care team. It will also ensure an optimal level of service for customers using the platform of their choice to communicate with the bank.
