saib's Mortgage Financing Jumps by 62.30% in H1-2023
First Bank
saib's Mortgage financing reached EGP 745.70 mn by the end of June 2023, compared to EGP 459.47 mn at the end of 2022, marking a remarkable growth rate of 62.30% on a semi-annual basis, with an increase of EGP 286.23 mn.
In light of this significant growth, First Bank observes the development of saib's real Mortgage financing through various bank products during the first half of 2023.
Current debit account balances Mortgage activity saw a record growth this year, increasing by approximately 700.13%, totaling EGP 69.29 mn by the end of June 2023, compared to EGP 8.66 mn at the end of 2022, with an increase of EGP 60.63 mn.
Current debit account balances represented the smallest share of the bank's total financing for this sector, accounting for 9.29% by the end of June 2023.
Regarding saib's syndicated Mortgage activity financing, it rose to EGP 393.94 mn by the end of the first half of 2023, compared to EGP 155.89 mn at the end of 2022, with a growth rate of 152.70% on a semi-annual basis, and an increase of EGP 238.05 mn.
saib's syndicated Mortgage loans had the largest share of the bank's total financing for this activity, accounting for 52.83% by the end of the first half of 2023.
As for the bank's direct financing for Mortgage activity, it constituted approximately 37.88% of saib's total financing for this sector, recording EGP 282.47 mn by the end of June 2023.
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