AlexBank Offers EGP 1 Bln Finances To SMEs In Q1

The volume of finances offered by Alex Bank, subsidiary of Intesa Sanpaolo Group, to small and medium enterprises (SMEs) registered EGP one billion at the end of the first quarter of the current year.

Sources told Amwal Al Ghad that the volume of deposits of SMES with the Bank registered EGP 48 million at the end of the first quarter of 2012.

In addition, finances offered by the Bank to micro-enterprises reached EGP 100 million at the end of the first quarter.  The Bank targets increasing finances by 25%, sources added.

The 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 stood at 43%, EGP 8.9 billion, of the total volume of the Bank’s portfolio.

Bank’s deposits rose by EGP 300 million, registering EGP 30.3 billion at the end of the first quarter, up from EGP 30 billion at the end of 2011. Individual deposits registered 88%, EGP 26.7 billion, of the total volume of the Bank’s deposits.

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