Suez Canal Bank Loans Jump to EGP 8.58 Bn by March-2023end
First Bank
Suez Canal Bank has significantly strengthened its support for industrial activities during the current year through a variety of products offered to its corporate customers.
Financing for industrial activities by Suez Canal Bank jumped from EGP 7.39 bn at the end of 2022 to EGP 8.58 bn by the end of March 2023, representing a growth rate of 16.19% and an increase of EGP 1.2 bn.
In light of this noticeable growth, First Bank observes the development of Suez Canal Bank's financing for industrial activities through its various bank products during the first quarter of 2023.
The balance of debit current accounts for industrial activities increased from EGP 5.86 bn at the end of 2022 to EGP 6.85 bn by the end of March 2023, representing a growth rate of 16.92% and an increase of EGP 991.4 mn.
Debit current accounts for industrial activities in Suez Canal Bank accounted for 40.93% of the total current accounts in the bank by the end of March 2023.
Total balance of debit current accounts at the bank reached EGP 16.74 bn by the end of March 2023, compared to EGP 13.08 bn at the end of 2022, reflecting a growth rate of 27.93% and an increase of EGP 3.65 bn.
Direct financing by the bank for industrial activities also witnessed significant growth, rising by 30.66% to reach EGP 437.48 mn by the end of March 2023, compared to EGP 334.83 mn at the end of 2022, with an increase of EGP 102.65 mn.
Regarding syndicated financing for industrial activities, it increased from EGP 1.19 bn at the end of 2022 to EGP 1.3 bn by the end of March 2023, representing a growth rate of 8.57% and an increase of EGP 102.40 mn.
Syndicated loans for industrial activities accounted for 12.12% of the total joint financing of the bank by the end of March 2023.
Total syndicated financing of the bank reached EGP 10.7 bn by the end of the first quarter of 2023, compared to EGP 9.61 bn at the end of 2022, reflecting a growth rate of 11.37% and an increase of EGP 1.09 bn.
Financing provided by Suez Canal Bank for industrial activities through its various products accounted for 25.67% of its total loan portfolio for corporates by the end of March 2023.
Bank loans to corporates increased from EGP 29.38 bn at the end of 2022 to EGP 33.44 bn by the end of March 2023, with a growth rate of 13.83% and an increase of EGP 4.06 bn.
Meanwhile, loans provided by Suez Canal Bank for industrial activities through the bank's various products accounted for 23.49% of total customer loans, which increased to EGP 36.55 bn by the end of the first quarter of 2023, compared to EGP 32.14 bn at the end of 2022, achieving a growth rate of 13.73% and an increase of EGP 4.41 bn.
