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NBE tops 2021 Business News Social Responsibility Index
The National Bank of Egypt (NBE) came at the top of banks spending in the corporate social responsibility (CSR) score under the eleventh Business News Index which is issued annually to assess banking performance in Egypt.
The bank spent about EGP 2.6 billion last year, representing 19.9 percent of its net profit. This reflects the role played by state-owned banks in implementing programs to improve the services offered to local communities.
Banque Misr came in the second position on the Business News Social Responsibility Index with spending 13.4 percent of its net profits.
The United Bank of Egypt came in the third position as it spent about 5.5 percent of its profits in the CSR field.
Business News Social Responsibility Index measures the extent to which banking institutions are committed to serving and developing the surrounding community and developing the market in which they operate as well. It is calculated by measuring the rate of spending on social responsibility to net profits.
The Business News Index assesses banks’ performance in accordance to four main areas; the Business News Index of the Fastest Growing Banks, The Business News Index of the Most Efficient Banks, Business News Technology Index, and Business News Social Responsibility Index. These four indices include 18 sub indicators.
The Commercial International Bank (CIB) was named the Bank of the Year in Egypt for 2021. CIB copped the title for the second straight year.
The Business News Index’s Bank of the Year title is awarded in accordance to calculating the outcome of the four main indicators combined.
The bank that succeeds in collecting the largest number of points, after calculating the relative weights, becomes the bank of the year.
CIB bank came at the top of the most efficient banks index and the second on the technology index.
Banque Misr also ranked number one on the Index of the Fastest Growing Banks for the second straight year.
The National Bank of Egypt occupied the first position on the Technology Index.
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