Beltone Mortgage Finance increases its capital to EGP 1bn

Daily News Egypt
2 Min Read

Beltone Financial Holding has disclosed that its subsidiary, Beltone Mortgage Finance, has finalized the process of doubling its issued capital from EGP 500m to EGP 1bn.

Additionally, Beltone Mortgage Finance has raised its paid-up capital from EGP 150m to EGP 500m.

The capital increase aims to support the company’s aggressive growth strategy and cater to the rising demand for real estate financing solutions among individuals and businesses.

Beltone Financial Holding returned to profitability in the first nine months of this year, following three years of cumulative losses totaling EGP 86m. This is a significant improvement from the EGP 139m in accumulated losses reported for the same period last year, bolstered by the group’s strategic restructuring.

The company’s total revenues surged to EGP 957m during the first nine months of the year, a substantial increase from EGP 257m in the corresponding period of the previous year.

The investment bank’s operational revenues hit EGP 198m, while Beltone Securities Trading’s margin trading portfolio expanded to EGP 621m by the end of September, marking a 109% year-on-year growth. Concurrently, the assets under management swelled to EGP 23bn.

The financial leasing portfolio witnessed remarkable growth, reaching EGP 3.6 billion at the end of September, which is 6.3 times the size compared to the same period last year. The consumer financing portfolio also grew, reaching EGP 1.1 billion with a client base of 7,000 customers.

Moreover, the microfinance activity’s loan portfolio “Cash” expanded to EGP 123m, serving over 10,000 clients.

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