CBE: Banking sector loans rose by 7%, recording EGP 5.64 tn by February -2024end

The latest bulletin of the Central Bank of Egypt, issued a little while ago on its official website, revealed an increase in bank loans (excluding the central bank), to record EGP5.64 tn by the end of February 2024, compared to EGP5.29 tn at the end of December 2023, with a growth rate of 6.73%, and an increase of EGP355.9bn during the first 2 months of the current year.

The total balance of lending to the government increased by 12.04%, to record EGP2.64tn by the end of February 2024, compared to EGP2.36tn at the end of 2023, with an increase of EGP283.7bn.

Government loans are divided into loans in local currency and loans in foreign currencies, and by addressing government loans in local currency, we find that they rose to EGP1.49 tn by the end of February 2024, compared to EGP1.26 tn at the end of December 2023, with a growth rate of 18.34%, and an increase of EGP230.3 bn.

As for government loans in foreign currencies, they increased to the equivalent of EGP1.15 tn by the end of February 2024, compared to EGP1.10tn at the end of December 2023, with a growth rate of 4.86%, and an increase of EGP53.4 bn.

Non-government loans increased by about 2.46%, to reach EGP3 tn by the end of February 2024, compared to EGP2.93 tn at the end of December 2023, with an increase of more than EGP72.1 bn during the first 2 months of 2024.

Non-government loans are divided into loans in local currency and loans in foreign currencies, and by addressing non-government loans in local currency, we find that they rose to EGP2.53 tn by the end of February 2024, compared to EGP2.46 tn at the end of December 2023, with a growth rate of 2.91%, and an increase of EGP72.7bn.

Non-government loans in foreign currencies rose to the equivalent of EGP467.7 bn by the end of February 2024, compared to EGP467.3bn at the end of December 2023, with a growth rate of 0.10% during the first 2 months of 2024.