Egyptian Gulf Bank’s Retail Loans Surge to EGP750mn this Period

Head of Retail Banking Sector and Senior General Manager at Egyptian Gulf Bank (EGB) Sherif Farouk revealed that the total value of retail loan portfolio surged to EGP750 million in the current period against EGP510 million in the last June.

Speaking to Amwal Al Ghad on Wednesday, Farouk asserted that the bank’s board is aiming to increase the volume of portfolio to EGP250 million by the next time to reach EGP1 billion.

EGB signed in the last week cooperation protocol with Misr Life Insurance Company with the aim of applying banking insurance service and so as to the start the service by January 2015, Farouk added.

The bank inaugurated new branch in El Sheikh Zayed- Sixth of October City during the last period, and it is targeting to get the approval of the Central Bank of Egypt (CBE) over the inauguration of Ismailia, Port Said and Suez branches.

Moreover, EGB achieved EGP107 million profits in the first 9 months of this year in compared to EGP100.7 million within the same period of the previous year, move up by EGP6.2 million (6.2% growth rates).