Banque Du Caire Set Aside Precautionary Allocations With EGP 947 mln June-End

 The Precautionary allocations set aside by Banque Du Caire at the end of June up EGP 947 million.

An official source in the bank said the volume of allocations surged by EGP 230 million within the first six months top up to EGP 947 million, compared to EGP 717 million in December 2012.

The source has indicated to Amwal Al Ghad that the strategy of the bank will base on precautionary allocations during the coming period match with the size of risks in the market, according to the future circumstances.

The source has asserted that the increasing of the volume of allocations in the light of reducing the non-performing portfolios will make the bank’s financial stable, explaining that the volume of non-performing loans from the total granted facilities and loans for the customers reached 0.57% at the end of 2012.

The bank is aiming to seize 8% of the market share of deposits and loans granted by the banking system over the next three years.

The source said the Bank’s department is aiming to raise the granted facilities and the loans portfolio for the customers to EGP 25.8 billion by the end of 2013.

The source has explained  that the loans portfolio recorded about EGP 24 billion at the end of June, while it hit EGP 21.7 billion in December 2012 with market share estimated 4.27% within the last year.

The bank is reviewing with Misr Financial Investments Company (MFIC) to pump EGP 1.250 billion with EGP 1.6 billion capital within the current month.