Banque Misr seeks deposits growth by 20% in financial year 2018-19

Banque Misr, Egypt’s second largest state-run bank, seeks a 20 percent rise in its customers’ deposits to hit 803 billion Egyptian pounds by the end of the financial year 2018-2019, vice chairman Akef El Maghraby said.

The customers’ deposits posted 669 billion pounds in June 2018, he added.

He farther noted that the bank seeks to increase its banking retail portfolio by 20 percent, referring that it has recorded 23.2 billion pounds in June 2018.

On the other hand, the bank aims to increase its  small and medium enterprises portfolio to 25 billion pounds by the end of 2018/2019.

In a related context, El Maghraby added that the bank has a strong financial solvency, pointing out that the capital adequacy ratio of 14% during the current period, pointing out that the bank needs to increase capital during the current period.