Alex Bank’s Micro-Enterprise Finance Hits 110 Mln In September

Alex Bank Intesa Sanpaolo’s micro-enterprise finance portfolio reached EGP 110 million at the end of last September.

The bank injected EGP 20 million to the micro-enterprise finance portfolio in the first nine months of 2012 as every enterprise received not more than EGP 3,000, said Basel Rahmy, head of retail banking sector  at the bank.

The bank’s retail banking portfolio surged to EGP 9.3 billion at the end of Q3 of 2012, compared to EGP 8.1 billion at the end of 2011, registering an increase of EGP 1.2 billion (15%) in nine months.

60% of the bank’s profit was attained through the retail banking sector, he noted, adding that the bank plans to expand in retail banking sector through its 200 branches spread across all governorates in Egypt.