Cairo – Mubasher: Export Development Bank of Egypt (EDBE) is targeting EGP 438.8 million net profits ($29.2 million) in the estimated budget of the fiscal year (FY) 2015/16, compared to EGP 397 million ($44.5 million) expected by the end of 2016, according to a bourse filing.

EDBE aims to grow its assets by 12%  in the coming FY to EGP 29.4 billion from EGP 26.3 billion, and to expand the loan portfolio to EGP 10.9 billion up from EGP 9.7 billion.

The bank allocated around EGP 340 million for the small and medium enterprises (SMEs) and around EGP 20 million for the Egypt’s Central Bank’s mortgage financing initiative.

EDBE plans to reduce its investments in the government’s treasury bills from EGP 3.5 billion to EGP 3.3 billion, the bank said, adding that its deposits are to be increased 17.5% to EGP 24.8 billion from EGP 21 billion.

The bank is planning to develop the SMEs portfolio to reach 20% of the total loan portfolio in 4 years, according to the statement.

EDBE is to open 9 new branches to level up its total to 38 branches by the end of the next FY.

The bank’s net profits for the nine-month period ended 31 March 2016 rose to EGP 302.13 million ($34.13 million).