By: Islam Fadl

Cairo – Mubasher: Banque Du Caire has injected funding worth EGP 800 million into small- and medium-sized enterprises (SMEs) during the first five months of 2019, the lender’s head of SME banking sector told Mubasher.    

Such funding was directed to more than 420 customers from January to May, Nader Saad added.

During the five-month period ended 31 May, the Egyptian bank has succeeded in securing finance worth EGP 1.7 billion to SMEs, he noted.

Previously, banking sources revealed that the bank is in negotiations with Egypt's Micro, Small & Medium Enterprises Development Agency (MSMEDA) over an EGP 200 million loan. 

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

Assets went up 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 rose by 4.8%, while retail banking portfolio grew by 5.1%.

Meanwhile, the SME loan portfolio grew by 8.5%, while deposits soared by EGP 7 billion to EGP 138 billion, compared to December 2018.

Translated by: Zeinab Adel