By: Islam Fadl

Cairo – Mubasher: Banque Du Caire is in negotiations with Egypt's Micro, Small & Medium Enterprises Development Agency (MSMEDA) over a loan worth EGP 200 million, banking sources told Mubasher.

This loan will be used to finance SMEs currently being studied, sources added.

The Egyptian lender is finalising procedures to obtain the loan from MSMEDA, sources who refused to be named revealed.

During the first quarter of 2019, Banque Du Caire’s profits after taxes hiked by 199.2% to EGP 1.218 billion, compared to EGP 407 million in the year-ago period.  

Assets rose by 5% to EGP 176 billion compared to December 2018, the bank’s chairman, Tarek Fayed, said.

Moreover, the bank’s loan portfolio surged by EGP 3.3 billion, or 5%, to EGP 69 billion in Q1-19.

Corporate loans increased by 4.8%, while retail banking portfolio grew by 5.1%.

Meanwhile, the small and medium-sized enterprises (SMEs) loan portfolio rose by 8.5%, while deposits soared by EGP 7 billion to EGP 138 billion, compared to December 2018.

Translated by: Zeinab Adel