QNB's Corporate Sector records medium growth during Q1-2024
First Bank
QNB's corporate sector experienced medium growth during this year, as reflected in the Bank's figures during this period, which prompted it to rank fourth on the level of listed banks in corporate loans, and clinched fifth place in corporate deposits in terms of the fastest growing.
Bank corporate loans "including corporate and business Banking" jumped by 21.2% in the first quarter of this year, reaching EGP 260.1 bn by the end of March 2024, compared to EGP 214.6 bn by the end of 2023, with an increase of EGP 45.4 bn.
This strong performance was driven mainly by the rise in debit current accounts balances of corporates to EGP 137.6 bn by the first quarter of 2024, compared to EGP 110.8 bn by the end of 2023, with a growth of 24.2% and an increase of EGP 26.8 bn.
Direct loans portfolio also rose from EGP 78.6 bn by the end of 2023, to EGP 88.1 bn by the end of March 2024, with a growth of 12%, and an increase over the EGP 9 bn.
The Bank's syndicated loans portfolio increased by EGP 8.6 bn in the first quarter of this year, reaching EGP 30.8 bn by the end of March 2024, compared to EGP 22.2 bn by the end of 2023, while other loans recorded EGP 3.6 bn by the end of the same period.
QNB's corporate sector contributed about 81.73% to the bank's total loans portfolio, which jumped to EGP 318.2 bn by the end of March 2024, compared to EGP 268.6 bn by the end of 2023, with a growth of 18.5% and an increase of EGP 49.6 bn, ranking first on the First Bank Credit Competitiveness Index during Q1 of this year.
The Bank’s corporate deposit portfolio rose significantly during the first 3M of this year, rising by 17.4%, reaching EGP 418.8 bn by the end of March 2024, compared to EGP 356.7 bn by the end of 2023, with an increase of over EGP 62 bn.
Corporate sector accounted for about 67.33% of the Bank's total deposit portfolio, which jumped to EGP 622 bn by the end of March 2024, compared to EGP 530.1 bn by the end of 2023, with a growth of 17.3% and an increase of EGP 91.9 bn, ranking second on First Bank Index of Depositors' Confidence in listed Banks during the first quarter of this year.
