Suez Canal Bank’s personal loans portfolio jumps 1836.7% in 5 years

Personal loans portfolio has witnessed record growth in Suez Canal Bank during the past five years, jumping by 1836.7% in that period, reaching EGP 3.5 bn by the end of Q3 of 2023, compared to EGP 178.2 mn by the end of 2018, with an increase of EGP 3.3 bn.

Tracking the Bank's personal loans portfolio during the period under analysis, the highest annual growth rate of the portfolio was recorded during 2019, rising by about 177.1% year-on-year, to EGP 493.8 mn by the end of the year, compared to EGP 178.2 mn by the end of 2018, with an increase of EGP 315.6 mn.

While the highest increase of the portfolio was in 2022, with personal loans growth rising by EGP 1 bn, reaching EGP 2.6 bn by the end of the year, up from EGP 1.6 bn by the end of 2021, with a growth of 62.8% on an annual basis.

As for last year's portfolio performance, it jumped 33% during the first 9M of 2023, registering EGP 3.5 bn by the end of September, compared to EGP 2.6 bn by the end of 2022, with an increase of EGP 856 mn.

It is worth mentioning that personal loans come at the top of retail products of Suez Canal Bank as they accounted for 96.5% of its total retail loan portfolio by the end of last September.

Debit current accounts balances of individuals ranked second, accounting for about 2.32% of the Bank's total bank retail loans after balances recorded EGP 82.8 mn by the end of September 2023.

Credit cards took the third and final position with a small share of 1.1% of the total retail loans portfolio by the end of September, after rising from EGP 36.5 mn by the end of December 2022, to 40.5 mn by the end of Q3 of 2023.

It should be noted that the total customer loans of Suez Canal Bank rose by 116.8% during the period under analysis, reaching EGP 36.5 bn by the end of Q3 of last year, compared to EGP 16.8 bn by the end of 2018, with an increase of EGP 19.6 bn.

The Bank's corporate loans portfolio rose from EGP 16 bn by the end of 2018, to EGP 32.9 bn by the end of September 2023, with a growth of 101.8% and an increase of EGP 16.6 bn.

The retail loans portfolio rose by 588.4% during the period under analysis, reaching EGP 3.6 bn by the end of September 2023, compared to EGP 519.3 mn by the end of 2018, with an increase of EGP 3.1 bn.