Beltone braces for $6.5 million Mortgage Unit in Egypt

Egypt’s financial institution, Beltone Financial Holding will launch a mortgage financing subsidiary worth 50 million Egyptian pounds (US$6.5 million) in capital, a board meeting decided on Wednesday.

During the meeting on Wednesday, Beltone revealed that it generated 15.461 million pounds in total revenues for the first quarter of 2015, down from 16.271 million pounds in the same period a year earlier. The decline in topline was ascribed to weaker revenues from asset management operations.

The company’s Q1 operating profits also went down to 2.682 million pounds from 4.340 million.