Saib's loans for mortgage activity rises by 52.9% in 2023
Mai El-Kafoury/Mostafa Sayed
Saib has been able to significantly boost its mortgage loans over the past year, growing by 52.9% and an increase of about EGP 243 mn, reaching EGP 702.8 mn by the end of December 2023, compared to EGP 459.5 mn by the end of December 2022.
This growth was supported by the rise in the Bank's syndicated loans of real estate activity over the past year, jumping by 116.38%, to record EGP 337.34 mn by the end of last year, compared to 155.9 mn by the end of December 2022, with an increase of EGP 181.44 mn.
The relative weight of the syndicated loans portfolio for real estate activity increased to 48% of the bank's total loans for the activity compared to a relative weight of 33.9% by the end of December 2022.
Debit Current account balances of real estate activity rose significantly to 985.9%, and an increase of EGP 85.4 mn, moving from EGP 8.7 mn by the end of 2022, to reach 94 mn by the end of December last year.
The relative weight of debit current account balances of real estate activity increased to 13.4% of the Bank's total loans for real estate activity compared to 1.9% at the end of December 2022.
Saib's direct loans to real estate activity contributed about 38.6% of its total loans to the activity, after registering EGP 271.4 mn by the end of December last year.
The real estate activity accounted for 2.10% of the total corporate loans of Saib, while it accounted for about 1.5% of the bank's total customer loans by the end of last year.
The Bank's corporate loan portfolio rose by 8.7%, with an increase of EGP 2.7 bn by the end of 2023, bringing the total portfolio to about EGP 33.6 bn by the end of last year, compared to 30.9 bn by the end of December 2022.
Saib's total customer loans and facilities also increased by 10.5%, registering EGP 46.24 bn by the end of December 2023, compared to 41.87 bn by the end of December last year.
