AlexBank Finances Micro Enterprises With EGP 100 Mln

The volume of finances offered by Alex Bank, subsidiary of Intesa Sanpaolo Group, to small enterprises registered EGP 100 million at the end of last March.

Sources told Amwal Al Ghad that the Bank offered EGP 205 million to small enterprises, as registered in March, while targeting to increase SMEs’ portfolio by 25% to register EGP 257 million this year.

Sources added that loans portfolio increased by EGP 800 million, as it registered EGP 19.4 billion at the end of the first quarter of the current year, up from EGP 18.6 billion at the end of 2011. In addition, retail banking portfolio registered 43%, or EGP 8.9 billion, of the total Bank’s portfolio  at the end of March.

The total volume of deposits at the Bank rose by EGP 300 million; registering EGP 30.3 billion at the end of last March, up from EGP 30 billion at the end of 2011. Individual deposits registered 88% of the total volume of deposits, reaching EGP 26.7 billion.