Saib's Mortgage Financing jumps by 56.8% during 9M
First Bank
Saib Bank's mortgage financing has grown significantly, jumping by 56.8% over the first 9M of last year, to EGP 720.4 mn by the end of September 2023, compared to EGP 459.5 mn by the end of 2022, with an increase of EGP 260.9 mn.
The main reason for this growth is the rise in Saib's co-financing of real estate activity to EGP 384.9 mn by the end of Q3-2023, compared to EGP 155.9 mn by the end of 2022, with a growth of 147%, and an increase of about EGP 229 mn.
In addition, Saib's joint Mortgage loans accounted for the largest share of the bank's total financing for this activity, reaching 53.43% by the end of September 2023.
Debit current accounts balances of this activity also increased to EGP 60.5 mn by the end of Q3-2023, compared to EGP 8.7 mn by the end of 2022, with a growth of 598.6% and an increase of EGP 51.8 mn.
Despite this record growth in the volume of debit current accounts balances of real estate activity, it accounted for the lowest share of the Bank's total financing for this activity, with a share of 8.40% by the end of September 2023.
As for the Bank's direct financing of real estate activity, it accounted for about 38.17% of the total financing of Saib for this activity, after registering EGP 282.47 mn by Q3-2023.
The contribution of real estate activity was about 2% to the total corporate financing of Saib Bank by the end of September 2023, while its contribution was about 1.55% to the total customer loans of the Bank by the end of the same period.
The Bank's corporate loans rose by 11.6%, with an increase of EGP 3.6 bn during the first 9M of last year, registering about EGP 34.5 bn by the end of September 2023, compared to EGP 30.9 bn by the end of 2022.
Saib's total customer loans and facilities rose by about 11%, with an increase of about EGP 4.6 bn during the first 9M of last year, reaching EGP 46.467 bn by the end of September 2023, compared to EGP 41.869 bn by the end of 2022.
