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Egypt’s export bank mulls loans for two sectors

Egypt’s export bank mulls loans for two sectors

Cairo: Export Development Bank of Egypt (EBE) (EXPA) is considering the contribution into EGP 800 million syndicated loans for the real estate and electricity sectors, the lender’s deputy chairman said.

The Egyptian bank is also mulling over taking part in foreign-currency denominated loans for the state-run Egyptian General Petroleum Cooperation (EGPC), Ahmed Galal told Mubasher on Monday in a phone conversation.

The EBE has not set its share in the EGPC’s loans yet, he added.

The EGPC was seeking to obtain $750 million credit facility to meet its financial needs. A slew of private-sector lenders are competing for winning the credit facility, comprising HSBC Egypt and First Abu Dhabi Bank (FAB), the UAE’s largest bank by assets.

EBE’s loan portfolio slightly dropped in the first quarter of fiscal year 2018/2019, registering EGP 21.053 billion against EGP 21.154 billion in the prior-year period.

The Egypt-listed bank last reported a consolidated profit of EGP 302.80 million in the three-month period ended September, against EGP 199.5 million in the same period a year earlier.

Interest revenues grew to EGP 1.2 billion in the July-September period of this year, versus EGP 199.5 1.014 billion in the same period of 2017.

Meanwhile, standalone profits surged to EGP 267 million from July to September, compared to EGP 172.2 million in the previous year period.

Source: Zawya

 

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