Suez Canal Bank's Mortgage finance jumps 21.74% during H1-2023
First Bank
Suez Canal Bank's financing for the real estate sector has seen significant growth this year, jumping by approximately 21.74% to reach EGP 2.87 bn by the end of June 2023, compared to EGP2.36 bn at the end of 2022, an increase of EGP513.19 mn.
In light of this remarkable growth, First Bank observes the evolution of CBE's financing for the real estate sector through various bank products during the first half of 2023.
The outstanding balances of current accounts for the real estate sector increased from EGP 1.78 bn at the end of 2022 to EGP2.02 bn at the end of June 2023, a growth rate of 13.57%, and an increase of EGP241.55 mn.
Current accounts for corporates constituted the largest share of the bank's total financing for the real estate sector, accounting for about 28.34% by the end of June 2023.
Regarding syndicated bank loans for the real estate sector, they surged by about 148.40% to reach EGP433.47 mn by the end of the second quarter of 2023, compared to EGP 174.51 mn at the end of 2022, an increase of EGP258.96 mn.
These syndicated loans accounted for approximately 15.08% of the bank's total financing for the real estate sector by the end of the first half of 2023.
As for the bank's direct financing for the real estate sector, it accounted for about 14.57% of the total bank loans for this sector, rising to EGP418.74 mn by the end of the first half of 2023, compared to EGP 406.07 mn at the end of 2022, with a growth rate of 3.12% and an increase of about EGP12.67 mn.
SC Bank's financing for the real estate sector through its various products constituted approximately 9% of its total corporate loans by the end of June 2023.
The bank's loans to corporates increased to EGP31.97 bn by the end of the second quarter of 2023, compared to EGP29.38 bn at the end of 2022, a growth rate of 8.82%, and an increase of EGP2.59 bn.
SC Bank's loans to real estate sectors through its various products contributed about 8.15% to the total loans of the bank's customers by the end of June 2023.
Total loans of the bank to customers increased from EGP32.14 bn at the end of 2022 to EGP35.25 bn by the end of the first half of 2023, with a growth rate of 9.67% and an increase of EGP3.11 bn.
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