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06-Apr-2016

QNB Alahli to raise interest rates on three and five years CDs

QNB Alahli will increase interest rates on three- and five-year certificates of deposit (CDs) during April 2016. This rate increase follows the hike in interest rates of 150bps by the Central Bank of Egypt (CBE) and the increase of CDs rates by the three largest state-owned banks in the country namely National Bank of Egypt (NBE), Banque Misr and Banque du Caire earlier this year. QNB Alahli will raise rates by 275 bps on its three-year CDs paid monthly to 12.25% from 9.50%, while rates on quarterly and semi-annual return CDs will increase by 250bps to 12.50% from 10.00%. Five-year CDs with a monthly return will pick-up to 12.50% from 10.00%, while the quarterly and semi-annual return CDs will increase to 12.75% from 10.50%. (Al Mal)   Qatar National Bank: QAR138.50 as of 05 April 2016, Rating: Buy, FV: QAR162.98 per share, MCap: USD31,949 million, QNBK QD / QNBK.QA

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