CIB loans for Industrial Sector Jumps to EGP 69.7 Bn by 2023-End
First Bank
Commercial International Bank has strengthened its loans for industrial corporates over the past year through several different products that it offers to its corporate customers.
Its loans to industrial corporates jumped by 19.5% in 2023, reaching EGP 69.7 bn by the end of last year, compared to EGP 58.3 bn by the end of 2022, with an increase of EGP 11.4 bn.
This growth is driven by a rise in direct loans to industrial corporates, rising to EGP 43.3 bn by the end of 2023, compared to EGP 34.2 bn by the end of 2022, with a growth of 26.4%, and an increase of over EGP 9 bn.
The relative weight of direct loans for industrial corporates rose to 62.07% of the Bank's total loans for industrial corporates by the end of last year, compared to 58.66% by the end of 2022.
Debit Current account balances of industrial corporates also rose by 16.9% over the past year, reaching EGP 21.5 bn by the end of 2023, compared to EGP 18.4 bn by the end of 2022.
Debit current account balances directed at industrial corporates controlled approximately 30.91% by the end of December 2023.
As for syndicated loans for industrial corporates, it recorded EGP 4.5 bn by the end of 2023, accounting for 6.40% of the bank's total loans for industrial corporates by the end of last year.
Other loans accounted for 0.62% of the Bank's total loans for industrial corporates, after rising to EGP 434.5 mn by 2023.
The industrial sector received a share of 34% of the Bank’s total corporate loans by the end of December 2023, while it accounted for about 26.29% of the bank's total customer loans by the end of last year.
It should be noted that the Bank's corporate loans rose to EGP 205 bn by the end of 2023, compared to EGP 165.3 bn by the end of 2022, with growth of 24.01% and an increase of EGP 39.7 bn.
Total customer loans jumped by EGP 46.5 bn, registering EGP 265.1 bn by the end of last year, compared to EGP 218.6 bn by the end of 2022, with a growth of 21.26% on an annual basis.
