Banque Misr has announced a significant increase in its mortgage portfolio, which rose by approximately EGP 3bn in 2024, bringing the total portfolio to EGP 21bn. This growth benefits approximately 145,000 clients, making the bank’s mortgage portfolio one of the largest in Egypt’s local market.
As a leader in the mortgage sector, Banque Misr offers a wide range of mortgage products through Central Bank initiatives and independently, catering to various customer segments both within Egypt and abroad. These products are designed to meet the diverse housing needs of its clients.
In addition to its mortgage achievements, Banque Misr reported that its “Express” product, aimed at small projects, has supported 30,617 clients with a total financing amount of EGP 24.9bn as of November 2024. The bank also introduced the “Instant Loan” product for micro-enterprises, enabling clients to access financing the day after application submission. This initiative has contributed to the growth of the micro-projects portfolio to EGP 5bn as of November 2024.
To further support entrepreneurs, Banque Misr has established Business Development Service Centers across Egypt. These centers provide non-financial and advisory services, helping entrepreneurs qualify for financing and improve their business skills. Currently, there are 17 centers that offer services such as business idea development, registration, feasibility studies, networking, and training. Since 2019, the bank has provided 135,355 non-financial services to 60,800 beneficiaries, with women entrepreneurs representing approximately 50% of the customer base.
The bank also saw robust growth in its trade finance operations. Import financing rose by 44%, export financing increased by 38%, and guarantee letters financing grew by 59% during the first 11 months of 2024 compared to the same period in 2023.
Banque Misr’s financial performance has shown impressive growth. By the end of June 2024, the bank’s total assets reached EGP 3.295trn, a 29.1% increase from EGP 2.551trn in December 2023. Net direct loans to customers grew by 21.9%, reaching EGP 1.111trn, while customer deposits rose by 21.8%, totaling EGP 2.284trn.
The bank’s ATM network has also experienced substantial growth, with over EGP 750bn withdrawn through its 6,000 ATMs, which are equipped with the latest technologies. Additionally, Banque Misr’s digital services have expanded, with the BM Wallet reaching 1.8 million users by the end of November 2024, reflecting the increasing reliance on the product for transfers and bill payments.
