ICEC

Alexbank Offers EGP 257 million To Small Enterprises By 2012

Alex Bank plans to increase its loans to small enterprises by 25% to reach EGP 257 million by the end of 2012, sources told Amwal Al Ghad.

Sources added the bank offered EGP 205 million loans to small enterprises as registered in last March.

The total volume of loans portfolio rose by EGP 800 million, registering EGP 19.4 billion at the end of first quarter, up from EGP 18.6 billion at the end of 2011. The bank’s retail banking portfolio represented 43% of the total volume of loans portfolio, as it registered EGP 8.9 billion at the end of March, compared with 7.15% at the end of 2010, as well as achieved 14% growth rate.

Alex Bank’s deposits increased by EGP 300 million, registering EGP 30.3 billion at the end of March, up from EGP 30 billion at the end of 2011. Individual deposits registered 88% of the total deposits, registering EGP 26.7 billion.

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