Public sector banks' deposits up by 11.7%

Deposits in public sector trade banks rose to LE 171.4 billion this year from LE 133.4 billion last year, up by 11.7 per cent, public sector banks' federation said.

It said in a report after reviewing trade and specialised banks budgets in fiscal year (FY) 2000/01 which ends in June that loans rose by LE 5.3 billion to reach LE 107.5 billion, up by 5.1 per cent.

Budgets of the public sector trade banks reached LE 209.5 billion, while those of specialised public sector banks hit LE 15.9 billion.

Combined net profits in trade and specialised public sector banks, hit LE 874 million.

Real estate and industrial public sector banks paid LE 13.7 billion to finance the activities in these two fields, up by LE 1.4 billion or 11.7 per cent over last year.

The federation has agreed to pay the maximum profit ceiling to bank employees and give 100 per cent salary bonus in fixceal year 2001/02.