Egypt - Banque Misr’s micro-, small- and medium-sized enterprises (SMEs) financing portfolio has made up 27% of the bank’s total financing portfolio at the end of June 2021, according to a press release.

This comes in line with the requirements of the Central Bank of Egypt (CBE), which stipulates that banks shall raise their SMEs financing portfolio to around 25% of the total financing portfolio.

The bank’s SMEs financing portfolio has recorded about EGP 55.7 billion at the end of June 2021, the release highlighted.

These financings are made within the framework of the state’s vision regarding the impacts of SMEs projects on the national economy, which will be positively reflected on the unemployment rate, income growth, national productivity, and local demand coverage.

Banque Misr reported a 110% year-on-year (YoY) surge in net profit for the first quarter (Q1) of 2021, recording EGP 2.4 billion in Q1 2021, compared to profits of EGP 1.14 billion in the same period of 2020.

It is worth noting that Chairman of Banque Misr Mohamed El-Etreby said that a gang recently scammed some of Banque Misr’s customers and got around EGP 2.7 million through nearly 13 fraud incidents.

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