By: Eslam Fadl
Cairo – Mubasher: National Bank of Egypt (NBE) is looking to pump EGP 400 million in auto financing in the fourth quarter of 2018, retail CEO of Egypt's biggest state-run lender said.
The bank’s auto loan portfolio reached EGP 1.6 billion at the end of September, Alaa Farouk told Mubasher in a phone call.
Farouk added that the bank aims to raise its auto financing portfolio to EGP 2 billion by the end of this year.
He further noted that the bank’s retail banking portfolio stood at EGP 52 billion in mid-October, and is targeting EGP 65 billion by the end of fiscal year 2018/2019.
NBE has issued 1.45 million credit cards with a total balance of EGP 4.25 billion at the end of September, in addition to personal cards at a value of EGP 29 billion, Farouk said.
Translated by: Mai Ezz El-Din
