E-Bank’s private sector financing jump by 18.29% during H1-2023

E-Bank’s funding for the private sector witnessed significant growth in the current year’s first half, reflecting the nation’s increasing interest in the sector due to its pivotal role in economic development.

The private sector serves as the main driver for providing permanent employment opportunities and increasing income levels, contributing to poverty alleviation. Additionally, it leads to long-term economic growth, generating more tax revenue for the government to fund various services such as healthcare and education, ultimately improving overall living standards.

E-Bank shows significant focus on the private sector, evident in the numbers. The bank’s funding for this sector increased by EGP 6.31 bn during the first half of the current year, reaching EGP 40.84 bn by the end of June 2023, compared to EGP 34.53 bn at the end of 2022, with a growth rate of 18.29% on a semi-annual basis.

The private sector accounts for a substantial portion (77.45%) of E-Bank’s total customer financing by the end of the second quarter of 2023. E-Bank’s direct loans to the private sector reached EGP 9.27 bn by the end of the second quarter of 2023, compared to EGP 8.55 bn at the end of 2022, with a growth rate of 8.44%, amounting to an increase of EGP 721.67 mn.

Current account balances of corporates related to the private sector jumped by about 24.44%, reaching EGP28.10 bn at the end of June 2023, compared to EGP22.58 bn at the end of 2022, an increase of EGP5.52 bn.

The balances of the current accounts to this sector at were the largest contributor to the growth of the bank’s loans to the private sector, as their share reached about 68.81% at the end of June 2023.

 As for the bank’s syndicated financing for this sector, it increased from EGP3.4 bn at the end of 2022, to EGP3.47 bn at the end of June 2023, with a growth rate of 1.98%, and an increase of EGP67.24 mn.

EBank’s syndicated loans to the private sector represented about 1.98% of the bank’s total financing for this sector by the end of the first half of 2023.

 While personal and Mortgage loans recorded about 3.37 and EGP 2.55 mn, respectively, by the end of the second quarter of 2023.

It’s worth noting that E-Bank’s total customer financing increased by 17.66%, reaching EGP 52.73 bn by the end of June 2023, compared to EGP 44.82 bn at the end of 2022, marking a growth of EGP 7.92 bn. This positions E-Bank as the fastest-growing listed bank in total customer loans during the first half of this year, ranking third among banks operating in the banking sector.

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