AlexBank Mortgage Reports EGP 100 Mln In March

AlexBank, subsidiary of Intesa Sanpaolo Group, reported EGP 100 million in mortgage portfolio at the end of last March.

Basel Rahmy, general manager of retail banking department at Alexbank, said that the Bank does not target expanding in mortgage as mortgage products have high risks and are facing many obstacles such as registration problems and low demand from customers.

AlexBank focuses on retail banking sector as it registered 34%, EGP 619 million, of the bank’s pre-provisions profit which reached EGP 1.8 billion in 2011.

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 bank’s loans.

Rahmy added that AlexBank offered car loans of EGP 1.170 billion; EGP one billion of which 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 Bank Nasser, and the other EGP 170 million were used to finance car loans till the end of last March.