{"id":559196,"date":"2021-01-13T03:49:22","date_gmt":"2021-01-13T03:49:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/no-cash-dividend-for-you\/"},"modified":"2021-01-13T03:49:22","modified_gmt":"2021-01-13T03:49:22","slug":"no-cash-dividend-for-you","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/no-cash-dividend-for-you\/","title":{"rendered":"No (cash) dividend for you"},"content":{"rendered":"

<\/a> Egyptian banks are barred from paying out cash <\/strong>dividends <\/strong>to shareholders on 2020 <\/strong>returns<\/strong> under instructions (pdf)<\/a> issued yesterday by the Central Bank of Egypt designed to protect bank liquidity as covid-19 continues to affect the economy. Banks will not be allowed to \u201cmake [currency] payouts from this year\u2019s profits, or profits carried over eligible for distribution to shareholders,\u201d CBE Governor Tarek Amer said in the statement.<\/p>\n

Not affected:<\/strong> Employee bonuses and compensation to board members.<\/p>\n

The move aims to help banks comply with <\/strong>new capital requirements<\/a><\/strong> introduced <\/strong>under the <\/strong>Banking and Central Bank Act<\/a><\/strong>, Pharos Holding\u2019s head of research Radwa El Swaify told us. Banks need to increase their capital reserves tenfold to EGP 5 bn in a little less than three years\u2019 time. Paying out less in dividends will reduce the need for banks to enact capital increases, as well as improve banks\u2019 capital adequacy ratios, helping them comply with updated<\/a> Basel III requirements on managing operational risks, El Swaify added.<\/p>\n

Shareholders will still be kept happy:<\/strong> El Swaify pointed out that banks will still be able to issue stock dividends to make up for the lack of cash payouts.<\/p>\n

The <\/strong>CBE may also be positioning the system to be prepare for potential loan defaults <\/strong>as covid-19 affects borrowers\u2019 ability to repay, particularly after the moratorium on loan repayments is now over, Naeem Brokerage\u2019s Allen Sandeep tells Reuters<\/a>. \u201cThe central bank certainly wants banks to shore up on balance sheet liquidity to be on the safe side,\u201d Sandeep said. The central bank had extended the tenor<\/a> of all bank loans for six months in March for both individuals and businesses to alleviate the financial burden on borrowers.<\/p>\n

How have banks fared during the pandemic?<\/strong> Banks have been shoring up loan loss provisions<\/a> since last year in anticipation of a rise in bad loans after the moratorium expired last September. Analysts have said<\/a> that most Egyptian banks have healthy amounts of capital in reserve, with low loan-to-deposit ratios and ample liquidity. Industry watchers have suggested that we may have to wait until the middle of 2021 before we begin to see the true effects of the pandemic on loan quality.<\/p>\n","protected":false},"excerpt":{"rendered":"

Egyptian banks are barred from paying out cash dividends to shareholders on 2020 returns under instructions (pdf) issued yesterday by the Central Bank of Egypt designed to protect bank liquidity as covid-19 continues to affect the economy. Banks will not be allowed to \u201cmake [currency] payouts from this year\u2019s profits, or profits carried over eligible […]<\/p>\n","protected":false},"author":1,"featured_media":559197,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7350],"tags":[204,271,1053,72,343,927],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-banking","tag-central-bank-of-egypt","tag-dividends","tag-enterpriseam","tag-regulation","tag-tarek-amer","wpautop","entry"],"acf":{"mongo_id":"1bc7fcdc-fd3b-4256-9cbb-8551958adfa0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/141.jpg","photo_position":"above","related_issue":[559192],"teaser":"","voice_url":""},"yoast_head":"\nNo (cash) dividend for you - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/01\/13\/no-cash-dividend-for-you\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"No (cash) dividend for you\" \/>\n<meta property=\"og:description\" content=\"Egyptian banks are barred from paying out cash dividends to shareholders on 2020 returns under instructions (pdf) issued yesterday by the Central Bank of Egypt designed to protect bank liquidity as covid-19 continues to affect the economy. 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Amer also urged the executives to begin making plans to open branches in the new administrative capital, where President\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567253,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/16\/house-committee-asks-amer-to-clarify-aspects-of-banking-act\/","url_meta":{"origin":559196,"position":1},"title":"House committee asks Amer to clarify aspects of Banking Act","author":"enterpriseam admin","date":"16 January 2020","format":false,"excerpt":"LEGISLATION WATCH- House committee asks Amer to clarify aspects of Banking Act: The House of Representatives\u2019 Economic Committee has approved the proposed overhaul of the Central Bank and Banking Act in principle but asked central bank Governor Tarek Amer to clarify several aspects of the bill, according to Al Mal.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/621.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622061,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/26\/central-bank-putting-final-touches-on-revised-banking-act-to-present-it-by-year-end\/","url_meta":{"origin":559196,"position":2},"title":"Central bank \u201cputting final touches\u201d on revised Banking Act to present it by year end","author":"enterpriseam admin","date":"26 November 2018","format":false,"excerpt":"LEGISLATION WATCH- The central bank is \u201cputting the final touches\u201d on the revised Banking Act and is on track to present it to the Madbouly Cabinet by the end of the year, unnamed sources said. 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Authorities should approve the banks\u2019 names\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/345.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621701,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/15\/is-the-central-bank-of-egypt-done-revising-the-banking-act\/","url_meta":{"origin":559196,"position":5},"title":"Is the Central Bank of Egypt done revising the Banking Act?","author":"enterpriseam admin","date":"15 November 2018","format":false,"excerpt":"LEGISLATION WATCH- Is the CBE done preparing its revised banking act? CBE Governor Tarek Amer discussed with President Abdel Fattah El Sisi yesterday the long-planned overhaul of the Central bank and Banking Act, Ittihadiya said. 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