local currency accounts for 65.13% of Suez Canal Bank's customer loans by H1-2023 end

 Suez Canal Bank experienced significant growth in the first 6 months of this year, with a net customer loan increase reaching EGP 2.012 bn, totaling EGP31.63 bn by the end of June 2023, compared to EGP29.62 bn at the end of the previous year, showing a 6.8% semi-annual growth rate.

The portfolio of customer loans in the local currency at Suez Canal Bank saw a marginal increase, rising by EGP67 mn from EGP20.53 bn at the end of 2022 to EGP20.60 bn by the end of the first half of 2023. Local currency loans constitute the majority share, approximately 65.13%, of the bank's net customer loans by the end of the first half of 2023.

As for customer loans in foreign currencies, they rose to EGP11.03 bn by the end of June 2023, compared to EGP 9.09 bn at the end of December last year, achieving a growth rate of 21.41% and an increase of about EGP 1.95 bn.

The relative weight of customer loans in foreign currencies reached about 34.87% of the net loan portfolio by the end of June 2023.

US Dollar-denominated customer loans accounted for the largest share, about 34.01%, among the bank's foreign currency loans by the end of the second quarter of this year, following a 20.70% increase. They amounted to EGP10.76 bn by the end of the first 6 months of 2023, compared to EGP8.91 bn at the end of 2022, with an increase of about EGP1.85 bn.

In terms of Euro-denominated customer loans, they experienced the fastest growth among foreign currencies during the first half of 2023, rising by about 58.96% to reach approximately EGP273.78 mn by the end of June last year, compared to EGP172.23 mn at the end of 2022, with an increase of about EGP101.55 mn.

 Despite the rapid growth, they still represent a small proportion of the net loans in foreign currencies from January to June 2023.

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