Barclays Egypt aims to increase its credit portfolio to EGP 9bn by the end of 2015, said Mohamed Sherif, head of the bank’s financial sector.
The bank’s credit portfolio reached EGP 5.2bn by the end of 2014, and Barclays aims to boost it by EGP 3.8bn, Sherif explained.
Barclays targets a 10% growth in the deposit portfolio by the end of 2015, said Barclays’s head of the retail banking sector, Hazem Hegazy in an interview with Daily News Egypt in January. The current loan portfolio is EGP 3bn, which the bank hopes to raise to EGP 6bn by the end of the year.
The deposits value at Barclays Bank is EGP 14bn, with the bank expecting a growth rate ranging between 7%-10% by the end of this year, Hegazy said. He added that loans for companies are expected to increase by EGP 2bn.
“In retail banking, we expect an increase of EGP 1bn in light of activity growth in Egypt during the current period, and new banks focus on the activity,” Hegazy said.
The bank currently has 56 branches and they plan to make them 60 by the end of this year. Two branches will be opened in 6th of October City, a branch in Alexandria and another in Abbaseya, according to Hegazy.