CBE: Banking sector loans rose by 26.4%, recording EGP 6.68 tn by March -2024end

The latest bulletin of the Central Bank of Egypt, issued on its official website, revealed an increase in bank loans (excluding the central bank), to record EGP6.68 tn by the end of March 2024, compared to EGP5.29 tn at the end of December 2023, with a growth rate of 26.41%, and an increase of EGP1.40tn during the first 3 months of the current year.

The total balance of lending to the government increased by 42.51%, to record EGP3.37tn by the end of March 2024, compared to EGP2.36tn at the end of 2023, with an increase of EGP1.1tn.

Government loans are divided into loans in local currency and loans in foreign currencies, and by addressing government loans in local currency, reached EGP1.61 tn by the end of March 2024, compared to EGP1.26 tn at the end of December 2023, with a growth rate of 28.51%, and an increase of EGP358 bn.

As for government loans in foreign currencies, they increased to the equivalent of EGP1.75 tn by the end of March 2024, compared to EGP1.10tn at the end of December 2023, with a growth rate of 59.13%, and an increase of EGP651 bn.

Non-government loans increased by about 13.21%, to record EGP3.32 tn by the end of March 2024, compared to EGP2.93 tn at the end of December 2023, with an increase of more than EGP386bn during the first quarter 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 EGP2.61 tn by the end of March 2024, compared to EGP2.46 tn at the end of December 2023, with a growth rate of 5.92%, and an increase of EGP145.73bn.

Non-government loans in foreign currencies rose to the equivalent of EGP708.49bn by the end of March 2024, compared to EGP467.3bn at the end of December 2023, with a growth rate of 51.62% during the first 3 months of 2024.