EBank's private sector Financing rises to EGP 41.4 bn by the end of September 2023

EBank has increased its funding to the private sector during the current year, as part of the Bank's growing interest in the sector thanks to its key role in economic development.

The private sector is the main driver of permanent employment and income-raising, contributing to eliminating poverty, in addition to booming economic growth in the long term, Providing more tax income to serve the State in a way that allows it to provide funding for many activities related to services in the field of health, education and others to ensure an improvement in the overall standard of living.

EBank pays considerable attention to the private sector, which is clearly reflected in the language of the figures. The Bank's funding for this sector jumped by about 20% during the first 9 months of this year, reaching EGP 41.4 bn by the end of September 2023, compared to EGP 34.5 bn by the end of 2022, with an increase of EGP 6.9 bn.

The main reason for this growth is the rise in current account balances owed to the private sector during the current year, rising to EGP 28.1 bn by the end of September 2023, compared to EGP 22.6 bn by the end of 2022, with a growth of 24.48% and an increase of EGP 5.6 bn.

Debit current account balances accounted for the largest share of eBank's total private sector funding, accounting for about 67.9% by the end of September 2023.

eBank's direct loan portfolio for the private sector rose from EGP 8.5 bn by the end of 2022, to EGP 9.9 bn by the end of the third quarter of 2023, bringing a growth rate of 15.4%, with an increase of about EGP 1.3 bn.

Direct loans to this sector controlled about 23.83% of the Bank's total private sector funding by the end of September 2023.

The Bank's joint private sector funding recorded a marginal rise in the first 9 months of this year, reaching EGP 3.42 bn by the end of the third quarter of 2023, compared with EGP 3.4 bn by the end of 2022.

eBank's private sector syndicated loans accounted for about 8.27% of the bank's total funding for this sector by the end of September 2023.

The private sector contributed about 87.66% to EBANK's total corporate funding by the end of September 2023, while its contribution was about 76.55% to the Bank's total customer loans by the end of the same period.

It is worth noting that the Bank's corporate funding jumped to EGP 47.2 bn by the end of September 2023, compared to EGP 40.3 bn by the end of December 2022, with a growth of 17% and an increase of EGP 6.9 bn, ranking third on the list of the fastest-growing listed banks in corporate loans in the first 9 months of this year.

The growth of the Bank's total customer funding increased to EGP 54 bn by the end of September 2023, compared to EGP 44.8 bn by the end of December 2022, with a growth of 21% and an increase of EGP 9.3 bn, leading the list of the fastest growing banks in total customer loans during the first 9 months of this year.