ABK – Egypt’s loans for industrial activity jumps to 20.32% in the first 9M of 2023

Al Ahli Bank of Kuwait - Egypt continued its growing interest in supporting industrial activity, believing in the importance of such activity, especially in the current global climate, and its significant contribution to the national economy.

Industrial activity plays an effective role in stimulating Egypt's medium- and long-term economic growth and its growth contributes to self-sufficiency in many sectors, Reducing dependence on the import of goods from abroad, thereby providing foreign exchange funds and contributing to the growth of export rates; On the other hand, it promotes the local manufacturing sector to create jobs, reduce unemployment and increase employment rates.

This prompts ABK - Egypt to increase its support for industrial activity. With regard to the Bank's figures, its loans jumped to 20.32%, registering EGP 7.04 bn by Q3 of 2023, compared to EGP 5.85 bn by the end of 2022, with an increase of EGP 1.19 bn.

Industrial activity accounted for 16.27% of ABK-Egypt's total loans by the end of September 2023, accounting for 24.87% of its total corporate loans by the end of the same period.

In the light of this remarkable growth, First Bank is monitoring the development of ABK – Egypt’s loans for industrial activity through the Bank's various products during the first 9M of 2023.

The Bank's direct loans for industrial activity jumped by 21.29%, reaching EGP 4.44 bn by Q3 of 2023, compared with EGP 3.66 bn by the end of 2022, with an increase of EGP 778.55 mn.

Direct loans for industrial activity dominated the lion share of the Bank’s total loans for this activity, with a share of 62.98% at the end of last September.

Debit current account balances of industrial activity also experienced remarkable growth, rising from EGP 1.47 bn by the end of 2022, to EGP 1.71 bn by the end of September 2023, with a growth of 16.36% and an increase of EGP 240 mn.

Debit Current account balances of industrial activity accounted for about 24.23% of the Bank's total loans for this activity by Q3 of 2023.

In terms of the Bank’s syndicated loans for industrial activity, they jumped to EGP 900.49 mn by the end of September 2023, from EGP 729.67 mn by the end of 2022, with a growth rate of 23.41% and an increase of EGP 170.82 mn.

The Bank’s syndicated loans accounted for 12.79% of the bank's total loans for industrial activity by Q3 of 2023.

It should be noted that the Bank's corporate loans jumped by 26.31%, registering EGP 28.32 bn by the end of September, compared to EGP 22.42 bn by the end of 2022, with an increase of EGP 5.90 bn.

The Bank’s Total customer loans rose to EGP 43.29 bn by Q3 of 2023, compared to EGP 34.65 bn by the end of 2022, with a growth rate of 24.93% and an increase of EGP 8.64 bn.