Banque Misr Allocates EGP 500 Mln For Mortgage
Banque Misr has allocated EGP 500 million for the mortgage product that will be launched before the end of 2012. After launching such product, Banque Misr will be the 17th bank to offer mortgage services in Egypt.
Sources said the bank will prepare the final form of the product soon. The mortgage market is expected to improve by Q4 of 2012.
The bank’s portfolio of retail banking reached about EGP 3 billion at the end of last August. The bank targets to increase the value of retail loans by 10%-11%, to reach EGP 57 billion at the end of 2012, up from EGP 52 billion at the end of June 2012.
Such increase will be attained through increasing the volume of corporate credit by 12%, besides expanding in retail banking sector to achieve growth rate of more than 30%.
