AAIB To Inject EGP 300 Mln In Retail Banking Portfolio

Arab African International Bank (AAIB) plans to increase retail banking portfolio by EGP 300 million, to register EGP 1.6 billion by the end of this year, up from EGP 1.3 billion at the end of last April, said Amr Abdelal, head of branches and deputy head of retail banking department.

Personal loans acquire EGP 1 billion and car loans acquire EGP 300 million of the total value of the Bank’s portfolio, Abdelal told Amwal Al Ghad.

There are 225 retail banking customers and AAIB plans to increase its customers through offering new products such as car loans, platinum cards, direct payment and physicians and pharmacists loans during the second half of the current year after presidential elections.

Abdelal added that retail banking represents 12% of the Bank’s profit. AAIB’s 2011 consolidated results showed the Bank achieved net profit of US$ 121.6 million, with a retreat of 15%, down from US$ 143.149 million in 2010. AAIB’s unconsolidated results for 2011 showed that the Bank achieved net profit of US$ 120.7 million, down from US$ 143.5 million in 2010.

In other respect, AAIB disbursed 65% of its total share of yellow remittances as it disbursed 80 thousand remittances out of the total 127 thousand remittances with value of EGP 321 million.