SC Bank’s loans to the industrial sector rose to EGP 10.9 bn by the end of March, 2024

The separate financial statements of Suez Canal Bank for the financial period ended 31 March 2024 showed that its loans to the industrial sector rose to EGP 10.9 bn by the end of the first quarter of this year, compared to EGP 9.7 bn by the end of 2023, with a growth of 12.46% and an increase of EGP 1.2 bn.

The increases recorded by the Bank are due to the rise in current account balances owed to the industrial sector to EGP 7.9 bn by the end of March 2024, compared to EGP 7.2 bn by the end of 2023, with a growth of 10.1% and an increase of EGP 722.5 mn.

The sector's current account balances accounted for 72.54% of its total loans to the industrial sector by the end of March 2024.

It also expanded the granting of syndicated loans to the industrial sector, reflected in its rise from EGP 1.9 bn by the end of 2023, to EGP 2.3 bn by the end of the first quarter of 2024, with a growth of 20.53% and an increase of EGP 389.7 mn.

The syndicated loans for this activity at the Suez Canal Bank accounted for 21.04% of the Bank's total loans for industrial activity by the end of March 2024.

As for the Bank's direct loans of industrial activity, it accounted for about 6.41% of the Bank's total loans for this activity, having risen to EGP 697.4 mn by the end of March 2024, compared to EGP 605.4 mn by the end of 2023, with a growth of 15.19% and an increase of nearly EGP 92 mn.

The industrial sector received a share of 27.05% of the total loans of the Suez Canal Bank to corporates by the end of March 2024, while it accounted for about 24.55% of the bank's total customer loans by the end of the same period.

It should be noted that corporate loans of Suez Canal Bank rose by 20.3%, registering EGP 40.2 bn by the end of March 2024, compared to EGP 33.4 bn by the end of 2023, with an increase of EGP 6.8 bn.

Total customer loans jumped to EGP 44.3 bn by the end of the first quarter of this year, compared to EGP 37.1 bn by the end of 2023, with a growth of 19.2% and an increase of EGP 7.1 bn.

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