By: Islam Fadl

Cairo – Mubasher: Banque Du Caire has obtained a loan worth $30 million from Kuwait Fund for Arab Economic Development (KFAED), the lender’s head of small and medium enterprise (SME) banking sector, Nader Saad, told Mubasher.    

The loan will be used to expand in SME financing in the current period, Saad added. 

Previously, banking sources revealed that Banque Du Caire was in negotiations with the Micro, Small and Medium Enterprises Development Agency (MSMEDA) over a loan worth EGP 200 million.

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

Assets increased 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 SME 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