Egypt Arab Land Bank targets bigger mortgage finances this year

State-run Egyptian Arab Land Bank (EALB) seeks to increase its mortgage finance portfolio to 1.5 billion Egyptian pounds ($90.6 million) at the end of financial year 19/2020, said vice chairman Amr Gadallah on Tuesday.

The bank also plans to pump 600 million finances into this cause, Gadallah told Amwal Al Ghad.

The mortgage finance portfolio would be increased up from 900 million pounds by FY18/2019 end.

The Vice Chairman further told Amwal Al Ghad that EALB’s personal loans portfolio hit 550 million pounds for the first time in its history.

The state-run bank also seeks to increase its retail portfolio to 2 billion Egyptian pounds by the end of 2020.

Gadallah further noted that the bank seeks to package of new products including cards , clubs loans, car loans in addition to school and universities expenses loans.

Gadallah further noted that EALB has a branch network of 32 branches adding that  its aiming increase the network to reach 40 branches in 2020. It also aims to expand the launching of electronic products and increase the ATM machines to 50 machines.

EALB pursues a plan of establishing two electronic branches during 2020, Gadallah added.