AlexBank ToIRaise Auto Loans Portfolio With EGP 300 Mln

AlexBank Sao Paulo targets increasing car loans portfolio by EGP 300 million to register EGP 1.5 billion by the end of 2012.

Basel Rahmy, head of retail banking and branches, said that the volume of car loans offered by the Bank reached EGP 1.170 billion; of which EGP one billion was used to participate by 60% in collaboration with National Bank of Egypt and Nasser Social Bank in the “White Taxi” project that replaced 18 thousand taxis and the other EGP 170 million were used in providing car loans till the end of last March.

Rahmy added that car loan program retreated by 20% due to the recent political turmoil, while retail banking portfolio rose EGP 800 million, registering EGP 8.9 billion at the end of last March, compared with EGP 8.1 billion at the end of 2011.

The market share of AlexBank’s retail banking sector stands at 8.1% as the bank has 3600 retail banking customers and retail banking loans represents 43% of the total value of the bank’s loans, Rahmy noted.

Retail banking registered 34%, EGP 619 million, of the bank’s pre-provisions profit which reached EGP 1.8 billion in 2011.