By: Islam Fadl
Cairo – Mubasher: National Bank of Egypt (NBE) plans to pump EGP 200 million into its retail portfolio in the coming weeks before the end of fiscal year 2017/2018.
The bank’s retail portfolio amounted to EGP 47.8 billion during mid-May, retail products and sales group head at NBE Alaa Farouk told Mubasher.
He added that Egypt's biggest state-owned bank is targeting EGP 48 billion in the retail portfolio.
The portfolio is comprised of credit cards worth around EGP 3.7 billion, personal loans of EGP 22.3 billion, and car loans of EFP 1.9 billion, Farouk highlighted.
Moreover, real estate loans stood at EGP 3.5 billion at the end of April, including EGP 3.3 billion as part of the Central Bank of Egypt’s (CBE) mortgage finance initiative for housing units of low and medium-income individuals, he noted.
Proceeds of the variable-rate certificates of deposits of around 15.25% recorded EGP 40.15 billion at the end of 26 May, while proceeds of the variable-rate certificates of deposits of 17% totalled EGP 3 billion, he indicated.
The state-run lender has issued nearly 1.3 million prepaid cards and million credit cards last April, Alaa said.
Translated by: Mai Ezz El-Din
