QNB Al-Ahli's loans for industrial corporates jumps to EGP 121.8 bn by 2023
Mai El-Kafoury
QNB Al-Ahly's separate financial statements, which ended on December 31 last year, revealed that the Bank was able to clearly increase its loans for industrial corporates, jumping its loans for industrial corporates by 28.6%, to EGP 121.8 bn by the end of December 2023, compared to 94.69 bn by the end of 2022, with an increase of EGP 27.1 bn.
With this growth, First Bank is monitoring the development of QNB Al-Ahly's Industrial corporates loans during the past year:
QNB Al-Ahly was able to make significant progress in granting loans for industrial corporates through its Syndicated loans by the end of 2023, jumping to EGP 18.6 bn by the end of December 2023, compared to EGP 10.79 bn by the end of 2022, growing by 72.08%, with an increase of EGP 7.8 bn.
Despite that growth, the Bank's total Syndicated loans fell marginally by 0.8%, to EGP 22.2 bn by the end of 2023, compared to EGP 22.41 bn by the end of 2022.
The Bank increased its direct loans for industrial corporates, moving from EGP 44.15 bn by the end of 2022, reaching EGP 54.7 bn by the end of 2023, achieving a growth rate of 23.5%, with an increase of EGP 10.5 bn.
In addition, the Bank's direct loans for industrial corporates accounted for 69.6% of its total direct loans by the end of last year.
Its total direct loans rose by 12.5%, with an increase of EGP 7.01 bn, to EGP 78.6 bn by the end of December 2023, compared to EGP 69.87 bn by the end of 2022.
The Bank's loans for industrial corporates through debit current accounts achieved remarkable growth during the past year, rising by about 23.50%, to EGP 47.4 bn by the end of December 2023, compared to EGP 38.40 bn by the end of 2022, with an increase of about EGP 9 bn.
Furthermore, the Bank's debit current accounts of industrial activities accounted for 42.8% of the bank's total current accounts by the end of last year, rising by 13.58%, with an increase of EGP 12.298 bn to register EGP 110.8 bn by the end of December 2023, compared to EGP 90.5 bn by the end of 2022.
As for the Bank's loans for industrial corporates through other loans, it recorded EGP 1.2 bn by the end of 2023, compared to EGP 1.35 bn by the end of 2022.
The Bank’s loans of industrial activities through its various products accounted for 56.3% of its total corporate loans portfolio by the end of December 2023.
QNB Al-Ahly’s corporate loans portfolio rose to EGP 216.6 bn by the end of last year, compared to EGP 185.54 bn by the end of 2022, with a growth rate of 16.7% and an increase of EGP 31.3 bn
