Clients’ loans in Barclays Egypt increased by EGP 1.8bn during the first nine months of 2015, from EGP 5.3bn in December 2014 to EGP 7.1bn in September 2015, a growth of 34%, according to Mohamed Sherif, member of the bank’s board of directors and director of the financial department.
Barclays Egypt achieved an increase in its profits within the first nine months of the year, estimated at 18%, compared to the same period last year, he said.
Throughout 2015, the bank focused on achieving five main goals, most importantly increasing loans for clients in all sectors, including small-and-medium enterprises (SME). It also focused on offering a range of diverse banking products, achieving innovation in technology, and activating the geographical expansion plan.
“The indexes of Barclay’s performance revealed that deposits in the bank increased from EGP 13.6bn by the end of 2014 to EGP 15.5bn in September 2015, with a growth rate of 14%,” Sherif said. He further noted that bank assets have increased by 12%, at EGP 20bn in September 2015 compared to EGP 17.9bn in December 2014, marking an increase of EGP 2.1bn.
The bank’s investments in the infrastructure led to an increase in administrative expenses by 15%, amounting to EGP 452m in September 2015 compared to approximately EGP 392m in 2014.
According to Sherif, this increase in administrative expenses is considered small, taking into consideration the inflation rate and costs of renting the bank’s new headquarters, which was built according to the latest international standards.
The bank plans to continue developing the balance sheet by offering joint loans and medium and long-term loans, in addition to focusing on developing technology, innovation in offering banking services, and increasing loans to SME.
Barclays owns a network 56 branches, 80 ATMs, and 1,500 employees, all serving 170,000 clients.