07 June 2015

The Egyptian lender is planning to increase credit facilities by EGP 45 billion, the chairman says.

Banque Misr, Egypt's second-largest commercial lender, aims to nearly double its loans portfolio within the next 18 months, Chairman Mohamed Mahmoud Eletreby said.

"The volume of loans currently stands at EGP 55 billion (USD 7.2 billion) and we aim to increase that to EGP 100 billion within the next year and a half," he told TR Zawya.

The state-owned bank's loan and credit facilities portfolio grew more than 12% year-on-year in the fiscal year ending on June 30, 2014. Deposits increased 27% to EGP 240 billion and net profits surged more than 100% to EGP 2.5 billion.

Eletreby said Banque Misr had directly extended loans worth EGP 3.2 billion during the second half of 2014 and had also participated in the financing of power, real estate, oil and fertilizer projects worth around EGP 19.5 billion.

He said the bank recently completed arranging a USD 521-million facility for the Egyptian Electricity Holding Company. Five banks took part in the loan to finance the construction of power stations.

© Zawya 2015