CBE: 10% growth in Retail loans in the banking sector by July-2023 end

The latest statistical bulletin from the Central Bank of Egypt revealed a growth of approximately 10.25% in the portfolio of individual loans, reaching EGP 829.45 bn by the end of July 2023, compared to EGP752.36 bn by the end of 2022, an increase of EGP 77.09 bn.

Retail loans in the local currency increased by a growth rate of 9.80%, rising by EGP 72.77 bn during the first 7 months of the current year, reaching EGP 815.63 bn by the end of July 2023, compared to 742.86 bn by the end of December 2022.

Retail financing in foreign currencies jumped to the equivalent of EGP 13.82 bn by the end of July 2023, compared to the equivalent of EGP9.50 bn by the end of December 2022, growing at a rate of 45.52% with an increase of EGP 4.32 bn during the first 7 months of the current year.

Retail loans accounted for about 17.10% of the total loans in the banking sector by the end of July 2023, compared to 18.75% by the end of December 2022.

It is worth noting that the total loans provided to customers by banks (excluding CBE) increased to EGP 4.85 tn by the end of July 2023, compared to EGP4.013 tn by the end of December 2022, achieving a growth rate of 21% and an increase of about EGP 838.06 bn during the first 7 months of the current year.