Alex Bank targets to expand in financing Small and medium enterprises through injecting EGP 200 million to its SMEs loans portfolio.
Bank’s finance offered to SMEs registered EGP 1 billion at the end of the first quarter of the current year, through 50 branches of its 200 branches across Egypt, sources told Amwal Al Ghad, affirming that the bank is highly focusing on this sector.
Sources added that the volume of deposits of SMEs at Alex Bank reached EGP 48 million. Alex Bank‘s loans to micro-enterprises registered EGP 100 million at the end of last March and the Bank targets increasing these finances by 25% by the end of this year.
Alex Bank’s loans portfolio rose by EGP 800 million, registering EGP 19.4 billion at the end of the first quarter, up from EGP 18.6 billion at the end of 2011. Retail banking portfolio registered 43% of the total volume of the Bank’s portfolio that registered EGP 8.9 billion at the end of 2011.
Sources added that the Bank’s deposits portfolio increased by EGP 300 million, registering EGP 30.3 billion at the end of March, up from EGP 30 billion at the end of 2010. Individual deposits registered 88%, or EGP 26.7 billion, of the total volume of deposits.
