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NBE bank of the year, EGB is the fastest growing, Bank of Alexandria the most efficient: Business News - Daily News Egypt

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NBE bank of the year, EGB is the fastest growing, Bank of Alexandria the most efficient: Business News

CIB tops the serving individuals index, and HDB is the highest spending bank on social responsibility


The National Bank of Egypt (NBE) has obtained the title of “bank of the year” for its performance in 2015 and the trust it gained in the customer satisfaction index, according to the sixth annual copy of the Business News index, issued on Saturday, to measure the performance of the banking sector in Egypt.

To measure banking performance, the Business News indicator is composed of four main indexes: speed of growth, efficiency, customer satisfaction, and spending on social responsibility.

The Bank of Alexandria topped the efficiency index in 2015. Its loan portfolio occupies 72% of the volume of its deposits. It became the best bank in utilising loans in 2015 among 27 other banks. Qatar National Bank (QNB) came second, followed by Credit Agricole, HSBC, and Barclays.

The Egyptian Gulf Bank (EGB) was the fastest growing bank in 2015 after it managed to double its volume within just one year, achieving a growth rate of 111% in the volume of its assets, and increasing its market share by 67%.

The bank topped three out of six sub-indexes of which the main growth index is composed. They are asset volume, market share, and loan volume.

The significant growth of the bank’s volume is due to an extraordinary growth of corporate deposits, which increased from EGP 5.7bn in 2014 to EGP 15.7bn in 2015. This is an increase of EGP 10bn or 175%. The EGB’s loans grew by 88%.

The bank continued to lead the customer satisfaction index for the third year in a row, followed by the CIB.

The bank increased its spending on technology in 2015, and ranked the second after the NBE.

In terms of spending on social responsibilities, the Housing and Development Bank (HDB) came on top by spending 5.7% on social responsibility activities.

The company added a new index this year, entitled “the best bank index in the individuals’ sector”.

This index, which measures the quality and development of retail banking services, measures four major aspects: growth of individuals’ deposits and loans, growth of banks’ market share in terms of individuals’ deposits and loans, the number and kinds of provided electronic services, and geographical spread.

The CIB topped this index owing to the number and quality of its electronic services and the number of products of individuals’ loans it offers. The EGB came in second place, benefiting from significant growth in both its portfolios of loans and deposits, and the growth of its market share in terms of individual loans.

Chairperson of Business News, Mostafa Sakr, said that the indexes of this year saw the launch of the index of best bank in individuals’ services, as this sector has increasing importance in banks.

Sakr said that the need for these indexes is increasing, as so far, Business News’ indexes are the only ones which issue that amount of detail about the Egyptian banking sector.

 

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https://wwww.dailynewssegypt.com/2016/05/21/nbe-bank-year-egb-fastest-growing-bank-alexandria-efficient-business-news/
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