Suez Canal Bank Growing interest in industrial activity, financing reach EGP8.9 bn by Sep-2023 end
First Bank
Suez canal bank has strengthened its support for industrial ventures, acknowledging the significant role of industry in the growth of the Egyptian economy and employment opportunities. This is reflected in a notable 20.96% increase in the bank's financing for industrial activity, reaching EGP8.94 bn by September 2023, compared to EGP 7.39 bn at the end of 2022. The main driver of this growth is attributed to the rise in debit balances for this sector. Current account balances surged to EGP 6.82 bn by September 2023, a 16.36% growth from EGP5.86 bn in 2022. These debit balances accounted for 76.28% of the bank's total financing for industrial activity by the end of the third quarter of 2023. The bank also enhanced its joint loans for industrial activity, reaching EGP1.37 bn by September 2023, a 14.85% increase from EGP1.19 bn at the end of 2022. Syndicated loans constituted 15.35% of the bank's total financing for industrial activity by the end of the third quarter of 2023. Additionally, the bank significantly expanded its direct financing for industrial activity, jumping by 123.27% to reach EGP747.57 mn by the end of the third quarter of 2023, compared to EGP334.83 mn at the end of 2022. Direct loans from Suez Canal Bank to industrial institutions represented 8.37% of the bank's total financing for industrial activity by the end of the third quarter of 2023. The industrial sector contributed approximately 27.16% to total financing provided by Suez Canal Bank to institutions by September 2023 and around 24.50% to the total bank loans for customers during the same period. It's worth noting that the bank's financing for corporates increased by EGP3.51 bn, reaching EGP32.9 bn by the end of the third quarter of 2023, compared to EGP29.38 bn at the end of 2022, marking a growth rate of 11.97%. Total bank loans to customers rose to EGP36.47 bn by the end of September 2023, a 13.48% increase from EGP32.14 bn at the end of 2022. For more info and news about Suez Canal Bank, click Read More.
