QNB Al-Ahli's loans for industrial corporates rises to EGP 150.4 bn by the end of March 2024

QNB Al-Ahly strengthened its loans for industrial corporates significantly during the first quarter of this year, rising to EGP 150.4 bn by the end of March 2024, compared to EGP 121.8 bn by the end of 2023, with an increase of EGP 28.5 bn.

The increases recorded by the Bank are due to a rise in debit current accounts balances of industrial corporates by 30.4%, reaching EGP 61.8 bn by the end of the first quarter of 2024, compared to EGP 47.4 bn by the end of 2023, with an increase that exceeded EGP 14.4 bn.

Debit current account balances of this activity accounted for 41.12% of its total loans to industrial corporates by the end of March 2024.

It also expanded the granting of syndicated loans to industrial enterprises, reflected in its rise from EGP 18.6 bn by the end of 2023, to EGP 24.4 bn by the end of the first quarter of 2024, with a growth of 31.2% and an increase of EGP 5.8 bn.

Syndicated loans to industrial corporates accounted for the lowest share of its total loans for this activity, reaching 16.20% by the end of March 2024.

QNB Al-Ahly has injected more direct loans into industrial enterprises, jumping by 16.22% in the first three months of 2023, reaching EGP 63.5 bn by the end of the first quarter of this year, up from EGP 54.7 bn by the end of 2023, with an increase of EGP 8.9 bn.

Direct loans for this activity dominated the largest share of the Bank's total loans for industrial activity, reaching about 16.22% by the end of March 2023.

As for QNB Al-Ahly's other loans for industrial enterprises, it accounted for 0.43% of the bank's total loans for this activity, reaching EGP 644.5 mn by the end of first quarter of 2024.

The industrial sector received a share of 47.26% of QNB Al-Ahly's total corporate loans by the end of the first quarter of this year, while it accounted for about 57.82% of the Bank's total customer loans by the end of March 2024.