CBE: 13% growth in Retail loans in the banking sector At 8M-2023

The latest statistical bulletin from the Central Bank of Egypt revealed a growth of approximately 13.24% in the portfolio of Retail loans, reaching EGP 851.99 bn by the end of August 2023, compared to EGP752.36 bn by the end of 2022, an increase of EGP 99.63 bn.

Retail loans in the local currency increased by a growth rate of 12.76%, rising by EGP 94.82 bn during the first 8 months of the current year, reaching EGP 837.68 bn by the end of August 2023, compared to 742.86 bn by the end of December 2022.

In addition, Retail financing in foreign currencies jumped to the equivalent of EGP 14.31 bn by the end of August 2023, compared to the equivalent of EGP 9.50 bn by the end of December 2022, growing at a rate of 50.61% with an increase of EGP 4.81 bn during the first 8 months of the current year.

Retail loans accounted for about 17.29% of the total loans in the banking sector by the end of August 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 4.93 tn by the end of August 2023, compared to EGP4.013 tn by the end of December 2022, achieving a growth rate of 22.76% and an increase of EGP 913.48 bn during the first 8 months of the current year.