The Banking Executive Magazine - August 2021

Banque Misr’s SMEs Banque Misr’s micro, small, and medium sized enterprises (SMEs) fi- nancing portfolio has made up 27% of the bank’s total financing portfolio at the end of June 2021. This comes in line with the require- ments of the Central Bank of Egypt (CBE), which stipulates that banks shall raise their SMEs financing port- folio to around 25% of the total fi- nancing portfolio. The bank’s SMEs financing portfolio has recorded about EGP 55.7 billion at the end of June 2021. These financings are made within the framework of the state’s vision re- garding the impacts of SMEs projects on the national economy, which will be positively reflected on the unem- ployment rate, income growth, na- tional productivity, and local demand coverage. Banque Misr reported a 110% year- on-year (YoY) surge in net profit for the first quarter (Q1) of 2021, record- ing EGP 2.4 billion in Q1 2021, compared to profits of EGP 1.14 bil- lion in the same period of 2020. the BANKING EXECUTIVE 36 ISSUE 152 AUGUST 2021 BANQUE MISR’S SMES FINANCING PORTFOLIO UP TO 27% IN JUNE