ABK-Egypt strengthens support for commercial activity, Its loans for the sector jumps 38.03% in first 9M-2023
Mai El-Kafoury
Al Ahli Bank of Kuwait - Egypt's loans for commercial activity saw remarkable progress during the first 9M of last year, jumping by 38.03%, to EGP 4.05 bn by Q3 of 2023, compared to EGP 2.94 bn by the end of 2022, with an increase of EGP 1.12 bn.
In light of this remarkable growth, First Bank is monitoring the development of ABK – Egypt’s loans for the commercial sector through the bank's various products during the first 9M of 2023.
Debit current accounts balances of the commercial activity jumped to EGP 1.65 bn by the end of September 2023, compared to EGP 826.26 mn by the end of 2022, with a growth of 99.27% and an increase of EGP 820.25 mn.
Corporate current accounts balances accounted for approximately 40.61% of the Bank's total commercial sector loans by September 2023.
While the Bank's direct loans for the commercial activity rose by 13.61% during the first 9M of 2023, registering EGP 2.4 bn by the end of September, compared to EGP 2.11 bn by the end of 2022, with an increase of EGP 287.35 mn.
ABK -Egypt Direct loans was the major contributor to the growth of the Bank's loans to the commercial sector, with a share of about 59.16% by Q3 of 2023.
In terms of other commercial sector loans, it recorded EGP 9.36 mn by the end of September 2023, accounting for about 0.23% of the Bank's total loans for this activity by the end of the same period.
The Bank’s loans of Bank’s loans through its various products accounted for 14.32% of its total corporate loans by Q3 of 2023.
In addition, the Bank's corporate loans jumped by 26.31%, registering EGP 28.32 bn by the end of September, compared with EGP 22.42 bn by the end of 2022, with an increase of EGP 5.90 bn.
The Bank’s Loans of commercial sector through the Bank's various products contributed 9.37% to the Bank's total customer loans by the end of September 2023.
Total bank customers loans rose by EGP 8.64 bn, reaching EGP 43.29 bn by the end of Q3 of 2023, compared to EGP 34.65 bn by the end of 2022, with a growth of 24.93% during the first 9M of last year.
