Alex Bank: Loans Portfolio Stood At EGP 20.6 Bln In June 2012

Alex Bank- Intesa Sanpaolo said its loans portfolio registered EGP 20.62 billion at the end of last June, up from EGP 19 billion at the end of December 2011.

Sources said the bank targets increasing this portfolio by 15%-20% by the end of the current year, noting that retail loans seize EGP 9 billion of the total value of direct loans portfolio.

The bank has injected about EGP 620 million in the retail portfolio since the beginning of the year, despite the economic recession and political unrest Egypt witnessed in the last period, sources added.

In addition, the bank offered about EGP 1.2 billion worth of car loans; of which EGP one billion were used to finance 60% of the cost of the “White Taxi” project, replacing 18 thousand old taxis with new ones in collaboration with the National Bank of Egypt, Banque Misr and Nasser Social Bank.