ABC To Increase Loan Portfolio By EGP 1 Bln In 2013

The Arab Banking Corporation-Egypt’s portfolio of loans and credit facilities registered EGP 2 billion, while its deposit portfolio reached EGP 4.5 billion at the end of 2012.

Akram Tinawi, CEO of the bank, revealed in an interview with Amwal Al Ghad that the bank targets to raise its portfolio of loans and credit facilities by EGP one billion to reach EGP 3 billion in 2013 and to also increase deposit portfolio by EGP 600 million to reach EGP 5.1 billion at the end of 2013.

Despite the unstable economic and political situations in Egypt during 2012, ABC managed to achieve success in different aspects as it doubled its profit and launched variable products that contributed to increasing the value of deposit portfolio such as “ABC Plus” which is a current account with daily return added monthly to the customers as well as unconventional deposits, he noted.

The bank also plans to start in financing small and medium enterprises (SMEs) as it allocated EGP 300 million to finance these enterprises which are working in industrial, pharmaceutical, building materials and motor sectors.