Industrial sector accounts for 27.16% of SC Bank's total corporate Financing by Sep -2023end
First Bank
The separate financial statements of Suez Canal Bank revealed that the portfolio of corporate loans rose to EGP 32.9 bn by the end of Q3- 2023, compared to EGP 29.4 bn by the end of 2022, with a growth of 12% and an increase of EGP 3.5 bn.
In order to monitor the distribution of the corporate loans portfolio to various economic sectors, Suez Canal Bank worked during the first 9M of this year to raise the share of the industrial sector in its total corporate funding "including microloans for economic activities", leading the list of Bank’s preferences for granting credit to corporates, with the sector acquiring 27.16% by the end of September 2023, compared to 25.15% by the end of 2022.
The bank's funding for the industrial sector jumped by 20.96%, with an increase of EGP 1.5 bn during the first 9M of the current year, to reach EGP 8.9 bn by Q3- 2023, up from EGP 7.4 bn by the end of 2022.
In the first 9M of 2023, the Bank moved to reduce its trend of granting funding to the tourism sector, its relative weigh reached 16.36% of the total corporate loans of the Bank by Q3- 2023, compared to 24.91% by the end of 2022, to rank second place in the Bank's list of preferences for granting credit to corporates.
The Bank's funding for the tourism sector recorded EGP 5.4 bn by the end of September 2023, compared to EGP 7.3 bn by the end of 2022.
A growing interest was also noted in the financial services sector, which was reflected in its acquisition of 14.74% of the total corporate loans of the Bank by Q3- 2023, compared to 10.38% by the end of 2022.
The Bank's financial services loans rose by 59%, registering EGP 4.8 bn by the end of September 2023, compared with EGP 3 bn by the end of 2022, with an increase of EGP 1.8 bn.
In addition, the services sector got the fourth position in terms of the preferences for granting credit to corporates, despite a slight decline in its share, with a relative weight of 13.48% of the bank's total corporate loans by Q3- 2023, compared to 25.26% by the end of 2022.
The Bank's funding for the services sector was EGP 4.4 bn by the end of September 2023, compared to EGP 7.4 bn by the end of 2022.
The fifth place of the Bank's preferences to grant credit for corporates was to tourism sector, accounting for 7.06% of the Bank's total corporate loans by the end of September 2023, compared to 8.03% by the end of 2022, after the Bank's funding reached EGP 2.3 bn by the end of the same period.
Meanwhile, the sixth place of the Bank's preferences to grant credit for corporates was to the commercial sector, accounting for 4.58% of total the Bank’s corporate loans by Q3- 2023, compared to 5.34% by the end of 2022.
The bank's loans to the commercial sector were EGP 1.5 bn by Q3- 2023, compared to EGP 1.6 bn by the end of 2022.
As for the Bank's funding to other sectors, it jumped to EGP 5.5 bn by the end of September, accounting for 16.61% of the Bank's total corporate funding by Q3- 2023, compared to 0.93% by the end of 2022, but the Bank did not disclose them in detail.
