ICEC

AlexBank: Personal Loans Portfolio Reaches EGP 6 Bln

Alex Bank Intesa Sanpaolo said the personal loans registered 66% of the total retail banking portfolio that reached grew by 800 million, registering EGP 8.9 billion at the end of last March.

Retail banking department said the total volume of personal loans offered by Alex Bank reached EGP 6 billion.

Sources said Alex Bank offered car loans with value of EGP 1.170 billion; of which EGP one billion were used to finance 60% of “White Taxi” project in which it replaced 18 thousand taxis in collaboration with National bank of Egypt, Banque Misr and Nasser Social Bank, and the other EGP 170 million were used to finance car loans till the end of last March. Alex Bank targets increasing car loans portfolio with EGP 300 million, to reach EGP 1.5 billion by the end of 2012.

Besides, the market share of retail banking sector stood at 8.1%, as there are 3600 retail banking customers as well as retail banking loans registered 43% of the total volume of bank’s loans.

In addition, retail banking sector registered 34%, EGP 619 million, of the bank’s  profit which reached EGP 1.8 billion in 2011.

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