Banque Misr To Raise Retail Finances To EGP 5 Bln In 2013

Banque Misr plans to raise retail finances by EGP 2 billion to reach EGP 5 billion by the end of 2013, up from EGP 3 billion at the end of June 2012.

Sources said such increase will be met through launching new products such as mortgage products as well as expanding in offering personal loans and credit cards.

The bank allocated EGP 500 million to the mortgage portfolio which will be launched this year to make the bank the 17th one to offer such product.

Banque Misr acquired the second position by seizing 15% market share of Visa payment cards, while it acquired the third position by seizing 13.6% market share of MasterCard payment cards.

The number of issued payment cards reached 2.2 million cards at the end of the fiscal year that ended in June 2012.

Banque Misr’s net profit hit a record high of EGP 709 million at the end of the last fiscal year, compared to EGP 515 million at the end of FY 2010/2011.