Banque Misr’s Car Loan Portfolio Rose To EGP 400 Mln

Banque Misr’s car loan portfolio rose by more than 33% (EGP 100 million), registering EGP 400 million at the end of last September, compared to EGP 300 million at the end of last June.

Sources said the bank targets to increase the car loan portfolio to range from EGP 700 million to EGP 800 million by the end of FY 2012/2013.

The bank waits implementing the third phase of the white taxi project to decide whether it will contribute to financing them nor not, especially that many taxi owners default on debts because of the economic turmoil that the country witnessed in the political transitional period.

Banque Misr plans to raise the value of the retail banking portfolio to EGP 4 billion by 2013, up from EGP 2.9 billion at the end of last September.