Nasser So­cial Bank’s to­tal bank­ing ac­tiv­ity scored EGP 10.547bn in 2018

Bank’s cap­i­tal in­creased to EGP 2.5bn to help it fulfil its so­cial mes­sage to all so­ci­ety seg­ments

The Daily News Egypt - - Business -

The to­tal vol­ume of bank­ing ac­tiv­ity of Nasser So­cial Bank dur­ing 2018 reached EGP 10.547bn, in­clud­ing fund­ing for low-in­come cit­i­zens, in­vest­ment fi­nanc­ing, and auto loans.

Ac­cord­ing to Min­is­ter of So­cial Sol­i­dar­ity and Chair­per­son of Nasser So­cial Bank, Ghada Waly, 2018 wit­nessed many achieve­ments for the bank, such as grow­ing its cap­i­tal to EGP 2.5bn to help it fulfil its so­cial mes­sage to all seg­ments of so­ci­ety.

She ex­plained that the bank has ex­panded its eco­nomic projects based on the so­cial di­men­sion, such as the Mas­tora pro­ject, funded by the Tahya Misr Fund, which con­trib­uted to­wards fi­nanc­ing 15,000 projects worth EGP 250m in all of Egypt’s gov­er­norates.

Fur­ther­more, she pointed out that the mech­a­nism of the bank’s work is based on two arms, one so­cial by con­tribut­ing to the ex­pan­sion of the base of so­cial sol­i­dar­ity be­tween cit­i­zens, and the other is a bank­ing arm that aims to pro­vide bank­ing and fi­nan­cial ser­vices and re­alise prof­its that can con­trib­ute to the achieve­ment of the so­cial side.

Ac­cord­ing to Sherif Farouk, first deputy chair­per­son of the bank, they de­cided to dis­burse a 12.5% in­ter­est on sav­ing ac­counts for the fis­cal year 2017/18, which is one of the high­est rates in the mar­ket.

He added that the bank has also in­tro­duced the Rad El-Gemil cer­tifi­cate for the el­derly or those over 70 years, bear­ing an in­ter­est of 17% for one year dis­bursed an­nu­ally, not­ing that pro­ceeds from sell­ing this cer­tifi­cate reached EGP 47.29m.

More­over, Farouk pointed out that the bank’s fi­nan­cial in­di­ca­tors re­vealed that the so­cial ac­tiv­ity has con­trib­uted ef­fec­tively to­ward achiev­ing so­cial wel­fare of low-in­come cit­i­zens, where the amount of money spent in so­cial sol­i­dar­ity amounted to EGP 800m ben­e­fit­ting 1.8 mil­lion peo­ple.

Spend­ing on so­cial di­men­sion was di­verse, where the bank spent EGP 41.2m on sub­si­dies and cash and in-kind as­sis­tance to the need­i­est fam­i­lies, in ad­di­tion to EGP 260m worth of zero-in­ter­est loans for 37,000 ben­e­fi­cia­ries, as well as 46m spent on za­kat for 1.7m peo­ple, ac­cord­ing to Farouk.

Ad­di­tion­ally he added that loans for ben­e­fi­cia­ries of ad­dic­tion sur­vivors reached EGP 1.08m.The bank also em­barked on fi­nanc­ing the de­liv­ery of gas to house­holds through in­ject­ing funds worth EGP 275,000.

Farouk stressed the keen­ness of the bank to pro­vide brand new and ad­vanced ser­vices in line with mod­ern elec­tronic sys­tems, to suit the needs of dif­fer­ent seg­ments of so­ci­ety,where it co­op­er­ated with Fawry to dis­burse pen­sions and salaries through the com­pany’s out­lets, to save time and ef­fort for pen­sion­ers.

He ex­plained that the al­imony ser­vice was also pro­vided through mo­bile phones to 15,500 ben­e­fi­cia­ries.

“Nasser So­cial Bank also sup­ported the fur­nish­ing and equip­ping of res­i­den­tial units for the most vul­ner­a­ble cit­i­zens in the Ahalina area to 1,096 units funded with EGP 11.442m, to As­marat - Mahrousa and Rawdet El Sayeda with EGP 20m.

The bank also funded the ru­ral house pro­ject in the Kal­ab­sha area in Aswan with EGP 30,000 per unit with zero in­ter­est,” Farouk said.

Farouk re­vealed the bank’s ap­proval for the es­tab­lish­ment of a char­ity fund to serve all pur­poses aimed at de­vel­op­ing a so­ci­etal ser­vice, es­pe­cially the pro­tec­tion of peo­ple with dis­abil­i­ties, with a cap­i­tal of EGP 50m, in which the bank will con­trib­ute EGP 30m.

Sherif Farouk, first deputy chair­per­son of the Nasser So­cial Bank

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