Saib continues its support to mortgage activity, increasing its loans to 16.2% in Q1-2024

saib continued to inject more loans for mortgage activity during Q1 of this year, growing by 16.22%, with an increase of about EGP 114 mn, reaching EGP 816.7 mn by the end of March 2024, compared to 702.8 mn by the end of December last year.

This growth was supported by the rise in the Bank's syndicated loans of mortgage activity during the first 3M of this year, rising by 18.10%, to EGP 398.4 mn by the end of March compared to 337.34 mn by the end of December 2023, with an increase of EGP 61 mn.

The relative weight of the portfolio of syndicated loans for mortgage activity increased marginally to 48.78% of the bank's total loans for the activity by the end of March 2024, compared to a relative weight of 48% by the end of 2023.

Debit Current account balances of mortgage activity also rose by 10.67%, with an increase of EGP 10 mn, moving from EGP 94 mn by the end of 2023, to EGP 104 mn by the end of March 2024.

Despite the growth, the relative weight of debit current account balances of mortgage activity declined slightly to account for about 12.74% of the Bank's total loans for the activity during the first 3M of 2024 compared to its relative weight of 13.38% by the end of December 2023.

saib Bank's direct loans of mortgage activity contributed 35.21% of its total loans for the activity to EGP 287.6mn by the end of March 2024, compared to 271.37 mn by the end of 2023, to grow by 5.97%, with an increase of EGP 16.2 mn during Q1-2024.

Mortgage activity accounted for 1.91% of all corporate loans to saib, while it accounted for about 1.42% of the bank's total customer loans by the end of March.

The Bank's corporate loan portfolio rose by 27.27%, with an increase of EGP 9.16 bn by the end of Q1 of this year, bringing the total portfolio to EGP 42.75 bn by the end of March 2024, compared to 33.59 bn by the end of December 2023.

Total customer loans and facilities of saib Bank increased by EGP 11.01 bn to register EGP 57.29 bn by the end of March 2024, compared to 46.28 bn by the end of December 2023, to grow by 23.80% and ranked second on "First Bank" list of the fastest growing listed banks in total customer loans in Q1-2024. For more details about saib and its achievements, click here