Barclays Targeting LE 1 Bln Loan Portfolio Growth By End Of 2014: Executive

Barclays Bank is targeting a LE 1 bln increase in its loans portfolio by the end of 2014, bringing it to approximately LE 6 bln, according to Shady Kamal, Head of Executive Management.

The bank is also looking to target LE 2 bln in its retail banking portfolio by the end of 2014. Previous figures for its retail banking portfolio targets had been quoted at LE 1.8 bln by the end of the year, with LE 5 bln for its loans portfolio.

Barclays’ had originally targeted  LE 5 bln by the end of 2014, with the bank also targeting a LE 2 bln increase in its retail banking portfolio by the end of the year.

The bank is aiming to set up a unit dedicated to Real Estate Financing with an initial portfolio of LE 50 m, and hopes to increase this amount later. This comes following the central bank initiative to promote bank contributions in mortgage finance, according to Kamal.

Barclays’ volume of financing across several sectors through the first four months of the year was approximately LE 700 m, said Kamal.

The distribution of the financing, he explained, is  LE 400m for the telecommunications sector, LE 200m for medicines, and LE 100m for food and beverages.

Kamal noted that Barclays has contributed approximately USD 40 m in finance to the African Export-Import Bank through the first four months of 2014.

Barclays has an ambitious plan to use available customer data and information to offer new services online that will allow clients to access all types of account details over the internet.

The bank’s salary transfer service, which it launched at the beginning of the year, allows total security and the possibility of using the ATMs of other banks, according to Kamal.

The bank has contracted with about 40 companies, including small, medium, and multinational companies, to transfer the salaries of their employees.

The bank intends to open 6 new branches over the coming two years, which would bring the bank’s total number of branches in Egypt to 60. The new branches include those in Sixth of October and New Cairo, said Kamal.

The bank’s earnings for last year revealed that it achieved a net profit of LE 424.5m compared with LE 368.4m in 2012.

Source: Daily News Egypt