Barclays Egypt Seen EGP260 million in Profits by H1

Barclays’s Egyptian arm is expecting to register a 15% growth in first half profits, said Barclays Egypt’s finance director Mohamed Sherif on Thursday.

Sherif told Amwal Al Ghad that Barclays Egypt’s profits will range between 250-260 Egyptian pounds (US$34-36 million) for the first half of 2014.

According to H1 unaudited indicators, Barclays Egypt reported EGP 13.5 billion in its deposit portfolio, whereas the bank’s total investments in Egypt’s governmental debt instruments reached around EGP 8 billion, he noted.

Moreover, the banking official forecasted that Barclays Egypt’s credit portfolio is likely to hit EGP 6.2 billion in H1; while personal loans will report EGP 1.9 billion and the corporate loans will stand at EGP 3.7 billion.

The bank is also targeting pumping loans (both personal and corporate) worth EGP one billion within the current year, he added. Barclays Egypt plans as well to inaugurate two branches in Sixth of October City and Fifth Settlement district within the coming three months to support its banking network.