ABK-Egypt continues to support the industrial sector, EGP6.61 bn funding by June-2023 end
First Bank
The latest financial statements reveal an increase in industrial activity funding to EGP6.61 bn, compared to EGP5.85 bn at the end of 2022, marking a growth of 12.89% and an increase of EGP754.52 mn. This significant growth is observed through various bank products during the first half of 2023.
Current account balances for industrial activity saw a substantial increase, rising from EGP 1.47 bn at the end of 2022 to EGP1.87 bn by June 2023, with a growth rate of 27.66% and an increase of approximately EGP405.78 mn.
These current account balances accounted for about 28.34% of the bank's total funding for this activity by the end of June 2023.
Direct funding for industrial activity by by ABK-Egypt accounted for about 58.70% of the bank's total loans for this sector, rising to EGP3.88 bn by the end of the first half of 2023, compared to EGP3.66 bn at the end of 2022, marking a growth of 6.06% and an increase of EGP221.79 mn.
Syndicated loans for industrial activity increased from EGP729.67 mn at the end of 2022 to EGP856.62 mn by June 2023, with a growth rate of 17.40% on a semi-annual basis and an increase of EGP126.95 mn.
These syndicated loans accounted for 12.96% of the bank's total funding for industrial activity by the end of the first half of 2023.
The bank's funding for industrial activities through its various products contributed to about 26.25% of its total loan portfolio by the end of June 2023.
The bank's funding for corporates increased to EGP25.18 bn by the end of the first half of the current year, compared to EGP22.42 bn at the end of 2022, achieving a growth rate of 12.29% and an increase of EGP2.76 bn.
ABK's loans for industrial corporates through its various products contributed to about 16.94% of the bank's total customer loans, which jumped by about 12.61% to reach EGP39.018 bn by the end of last June, compared to EGP34.65 bn at the end of 2022, with an increase of EGP4.37 bn.
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