Cairo – Banque Du Caire aims to inject funding worth EGP 1.2 billion to micro-enteprirses during the second half of 2019, the lender's head of small, and medium-sized enterprise (SME) banking sector, Nader Saad, said.

The state-run aims to raise its microfinance portfolio to EGP 7 billion by the end of 2019 from EGP 5.8 billion at the end of June, Saad told Mubasher.

Such funding will be directed to a slew of sectors in the country in the coming period, he added.

Moreover, the lender also seeks to increase its SME finance portfolio to EGP 6 billion at the end of the current year from EGP 4.4 billion at the end of last June, the top official revealed.

Funding provided to micro, small, and medium-sized enterprises accounts for around 16% of the bank’s total credit portfolio, Saad noted.

During the first quarter of 2019, the Egyptian lender’s net profits after taxes soared by 199.2% year-on-year to EGP 1.218 billion, compared to EGP 407 million in the year-ago period.

The state-run bank’s profits before taxes amounted to EGP 1.51 billion in Q1-19 from EGP 921 million in Q1-18.

 

Translated by: Zeinab Adel

Source: Mubasher Exclusive

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.