Suez Canal Bank’s loans to industrial sector rose to 31% by the end of 2023

Suez Canal Bank has been able to make significant progress in granting loans for industrial activity over the past year, as revealed in the bank's financial statements.

The Bank's loans for industrial activity rose by 30.85% over the past year, reaching EGP 9.67 bn by the end of December 2023, compared to 7.39 bn by the end of 2022, with an increase of EGP 2.3 bn.

This growth is driven by a rise in debit current accounts balances of industrial activity to grow by 22.3% over the past year, reaching EGP 7.163 bn by the end of December 2023, compared to EGP 5.86 bn by the end of December 2022, and an increase of EGP 1.31 bn.

Debit Current accounts balances of this activity accounted for the largest share of the Bank's total loans for industrial activity, reaching about 74% by the end of December 2023.

Suez Canal Bank also strengthened its syndicated loans for industrial activity, jumping by 58.8%, and an estimated increase of about EGP 703 mn after registering EGP 1.90 bn by the end of December 2023, compared to EGP 1.20 bn by the end of 2022.

The relative weight of syndicated loans for industrial activity at the Bank has risen to 19.63% of the total corporate loans granted for this activity by the end of December 2023 compared to 16.2% by the end of December 2022.

Suez Canal Bank was able to inject more direct loans for industrial activity, jumping by 80.6%, with an increase of EGP 270 mn, registering EGP 605 mn by the end of December 2023, compared to EGP 335 mn by the end of 2022.

The relative weight of direct loans for industrial corporates increased marginally, accounting for about 6.3% of the Bank's total loans for industrial activity by the end of last year, compared to 4.5% by the end of 2022.

The industrial sector received a share of 28.94% of the Bank’s total corporate loans by the end of December 2023, while it accounted for about 24.50% of the bank's total customer loans by the end of last year. It is worth mentioning that the Bank's corporate loans increased at a growth rate of 13.68%, with an increase of about EGP 4 bn, to EGP 33.40 bn by the end of December 2023, compared to EGP 29.38 bn by the end of 2022,

The Bank's total customer loans rose to EGP 36.47 bn by the end of December 2023, compared to EGP 32.14 bn by the end of 2022, growing by 15.49%, and an increase of EGP 4.98 bn.

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