AUB: Mortgage Loan Portfolio Hits EGP60 Million at 2013-end

Ahli United Bank S.A.E. (AUB) registered mortgage loan portfolio totaled 60 million Egyptian pounds by the end of 2013, the bank’s CEO announced Sunday.

Speaking to Amwal Al Ghad on Sunday, Nevine El Messeery – CEO and Managing Director of Ahli United Bank of Egypt – said her bank managed to lower its volume of mortgage loan portfolio to EGP 60 million by end-2013. This would be compared to EGP 100 million formerly registered by AUB, she noted, thanks to “regular payment processes.”

Moreover, El Messeery expects upcoming growth in mortgage sector at banks on condition of easing hindering laws and regulations.

‘The central bank seeks to launch an initiative to support the mortgage sector for banks operating in Egypt.” she added

AUB – which is founded in 2009 – reported a surge of EGP 2 billion or 26.7% in its credit portfolio to hit EGP 9.5 billion during 2013, versus EGP 7.5 billion at end-2012.