Alaa Farouk: Agricultural Bank of Egypt's Loan Portfolio surge to EGP72 bn, Customer Deposits to EGP170 Bn
First Bank
Alaa Farouk, Chairman of Agricultural Bank's Board of Directors, revealed that the bank's loan portfolio has increased from EGP34 bn to EGP 72 bn over the past 3 years.
He also mentioned a noticeable growth in customer deposits, reaching EGP 170 bn so far, indicating customers' confidence in the Egyptian Agricultural Bank.
Farouk further stated that the bank has attracted around 12,000 new customers monthly in the past 3 years, supported by new agricultural certificates and loan products launched by the bank.
He emphasized that the bank has provided funding worth EGP600 mn through Bab Rizq, which was launched within the past 2 years.
He further explained that Bab Rizq campaign, initiated on September 20th last year, will continue until the end of this year, covering all provinces in Egypt at the grassroots level. Farouk confirmed that the bank introduced this campaign to support micro-projects and enhance employment opportunities within the country.
Farouk pointed out the high demand from clients seeking funding through Bab Rizq, with over 2,000 citizens applying during a single conference. He also noted that around 8,000 clients have submitted applications for funding their micro-projects since September 20th until now.
Additionally, he emphasized the bank's support for customers struggling to repay their bank installments by assessing their projects' reasons for failure and guiding them to business incubators for project rehabilitation and feasibility studies.
If a struggling customer needs additional funding to support their project, the bank offers it, aiming to include all distressed clients in the banking sector through campaigns launched to reduce the percentage of defaulted loans.
