Major leap in performance of Agricultural Bank of Egypt during 2022

The Agricultural Bank of Egypt (ABE) achieved a significant leap in performance indicators during 2022 achieving major growth rates in its activities.

The bank added in a statement on Sunday that the business results achieved by the bank at 2022 translated the accelerating success achieved by the comprehensive development plan that the bank is currently implementing in all its sectors to improve the quality of its banking and financial services to meet the needs of its customers.

It also allows the bank to exercise its role as one of the largest banking institutions specialised in financing agricultural projects and major industrial activities.

Furthermore, it enhances the bank’s efforts to stimulate investment in the agricultural sector in all its productive fields according to the directives of President Abdel Fattah Al-Sisi and in a manner that achieves the state’s vision of maximising the preferential advantages enjoyed by the agricultural sector to support the national economy and achieve food security.

ABE’s deposits portfolio jumps 47% during 2022:

According to the bank, the size of its deposits portfolio at the end of December 2022 amounted to about EGP 141.2 bn, compared to EGP 95.957bn at the end of 2021 — a growth rate of 47%. Meanwhile, the growth rate of its deposits portfolio reached 200% jumping by EGP 45.269bn with in two years which reflects customers’ confidence in the bank. This has been proven also by the growth of the ABE’s retail banking sector, whose credit transactions amount to about EGP 11.502 billion benefiting 87,646 customers.

ABE says SMEs finances grow by 73% during 2022

The ABE also pointed out that medium, small, and micro enterprises accounted for 73% of the loan portfolio, noting that the volume of financing micro-projects for individuals and companies amounted to about EGP 32.7n benefiting 439,279 customers, while the number of small companies increased to 6,958 companies with a financing volume of EGP 5.860 billion and a growth rate of 44%

The number of medium-sized companies also increased to 98 from 75 with a financing volume of EGP 3.325 billion and a growth rate of 31%.

In the same context, the number of major companies financed by the bank increased to 119 companies, with financings amounting to about EGP 10.563 billion by the end of December 2022 growing by 83% which has been added to the achievements book during 2022.

ABE succeeds in increasing volume of loans directed to agriculture sector

ABE also added that it has succeeded in increasing the volume of loans granted to support and finance the agriculture sector and related industries to reach about EGP 50 billion during 2022 representing 80% of the bank’s total credit facilities portfolio.

The bank also doubled the volume of financing directed to the production of agricultural crops directed to small farmers with an interest rate of 5%.

Furthermore, the volume of loans directed to crops amounted to about EGP 10.581 billion benefiting more than 250,000 farmers to cultivate about 970,000 feddans.

In addition, the bank aims to increase the number of beneficiaries of these loans to 450,000 farmers during the next year by expanding the granting of loans directed to vegetable production and provided to small farmers and producers in rural areas.