AAIB's financing for industrial sector increases by 16.41% during H1-2023

The bank's financing for the industrial sector reached EGP44.34 bn at the end of the first half of 2023, up from EGP38.09 bn at the end of 2022, achieving a growth rate of 16.41%, with an increase of EGP6.25 bn.

The strong increases in the bank's financing for the industrial sector are attributed to its reinforcement of the current account balances for this sector, which increased by approximately 39.94% to reach EGP28.16 bn at the end of June 2023, compared to EGP20.12 bn at the end of 2022, an increase of EGP 8.04 bn.

Current account balances for the industrial sector accounted for the largest share of the bank's financing for this sector, reaching 63.51% at the end of the first half of 2023.

As for AAIB's direct financing for the industrial sector, it increased to EGP3.02 bn at the end of the first half of 2023, compared to EGP 2.98 bn at the end of 2022, with a growth rate of 1.23% and an increase of EGP36.84 mn.

Direct loans from AAIB to the industrial sector accounted for 6.81% of the bank's total financing for this sector at the end of June 2023.

Regarding the bank's syndicated financing for industrial activity, it accounted for about 29.67% of AAIB’s total financing for this activity at the end of June last year, declining to EGP13.15 bn at the end of the first half of 2023, compared to EGP 14.98 bn at the end of 2022, while other loans amounted to EGP4.89 mn at the end of the same period.

It's worth noting that the bank's total financing for corporates has increased significantly during the current year, reaching EGP133.19 bn at the end of the first half of 2023, compared to EGP109.18 bn at the end of 2022, with a growth rate of 21.99% and an increase of EGP24.01 bn, making it the top bank on the list of the fastest-growing banks in corporate loans during the first 6 months of the current year.

AAIB’s financing for the industrial sector constituted approximately 33.29% of the bank's total loans to corporates at the end of June 2023.

Meanwhile, the bank's loans to the industrial sector contributed to about 29.24% of AAIB's total loans to customers at the end of the first half of 2023.

The bank's total customer financing increased by EGP25.51 bn, reaching EGP151.64 bn at the end of June 2023, up from EGP 126.13 bn at the end of 2022, achieving a growth rate of 20.22%. This secures the bank the second position on First Bank list of the fastest-growing banks in total customer loans during the first half of the current year.

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