Agricultural Bank of Egypt’s customer deposits jump by EGP 89 bn in 2 years

The Agricultural Bank of Egypt’s customer deposits have increased significantly over the past two years, rising from EGP 95.975 bn by the end of 2021 to EGP 184.84 bn by the end of June 2024, with a growth of 92.6% and an increase of up to EGP 89 bn, reflecting customers' confidence in the bank's efficiency in managing their savings and facilitating their transactions according to the latest banking systems.

In the first half of 2024, Agricultural Bank of Egypt continued to assert its position as one of the most important banks in the banking sector in financing agricultural projects and related industrial and service activities, and to stimulate investment in all areas of the agricultural sector, thereby enhancing Egypt’s vision to maximize productivity and added value of the agricultural sector, and to develop agricultural, Livestock, poultry and fisheries production in Egypt. 

The loans portfolio for agricultural crops was about EGP 23.8 bn in the first half of this year, granting loans amounted to about EGP 8.961 bn with a total of 95.433 agricultural loans. This confirms the Bank's desire to improve the standard of living of smallholder farmers and enhance their productive capacities by increasing the credit categories of agricultural crops by 25% to 70% to help farmers cope with the significant rise in production costs and supplies.

The Bank has also achieved significant growth in the volume of loans aimed at financing SMEs due to the Bank's role in supporting and encouraging all productive sectors to enhance domestic production, in the interest of the Bank to create a competitive national industry in the local market

Small-sized corporates loans amounted to about EGP 6.733 bn, benefiting 6202 small corporates, medium-sized corporates loans amounted to EGP 5.573 bn for 176 corporates, and 1,843 micro-sized corporates loans accounted for EGP 435.27 mn.

According to the loan portfolio classification, loans aimed at financing the agricultural sector and related industries account for about 80% of the credit portfolio's size. The Bank doubled the amount of loans directed to agricultural crop production during the first half of this year, while providing smallholder farmers with a 5% return.

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