EGB plans to increase its retail

The profit of the retail banking sector represents 27% of the Egyptian Gulf Bank’s (EGB) total profits last year, Daily News reports. The bank is targeting to raise the sector’s profit to 30% this year, said senior general manager of Retail Banking at the bank, Sherif Farouk.

The volume of the bank’s retail banking portfolio was EGP 1.1bn at the end of last April.

The bank is targeting approximately 20% growth in individuals’ loans to raise them to EGP 1.4bn by the end of this year by offering a package of new products for the sector in the next period.

The EGB has topped the list of the fastest growing banks last year with a growth rate of 71%, according to the sixth annual Business News Index, which measures the performance of banking sector indicators.

The bank is also the fastest growing bank in terms of assets, registering 111% growth in 2015 as well as in terms of loans to deposits ratio with a growth rate of 88%. The bank increased its market share by 67% compared to 56% in 2014; the bank’s market share amounted to 0.94% as of the end of 2015.

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