CBE: Banking sector loans grow by 29.2%, recording EGP 6.83 tn by April -2024 End

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 EGP6.83tn by the end of April 2024, compared to EGP5.29 tn at the end of December 2023, with a growth rate of 29.24%, and an increase of EGP1.55tn during the first 4 months of the current year.

The total balance of lending to the government increased by 45.95%, to record EGP3.439tn by the end of April 2024, compared to EGP2.356tn at the end of 2023.

Government loans are divided into loans in local currency and loans in foreign currencies, and by addressing government loans in local currency, reached EGP1.617 tn by the end of April 2024, compared to EGP1.256 tn at the end of December 2023, with a growth rate of 28.77%.

As for government loans in foreign currencies, they increased to the equivalent of EGP1.822 tn by the end of April 2024, compared to EGP1.100tn at the end of December 2023, with a growth rate of 65.56%, and an increase of EGP651 bn.

Non-government loans increased by about 15.79%, to record EGP3.392 tn by the end of April 2024, compared to EGP2.929 tn at the end of December 2023, with an increase of more than EGP462.660bn during the first 4 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 EGP2.676 tn by the end of April 2024, compared to EGP2.462 tn at the end of December 2023, with a growth rate of 8.69%.

Non-government loans in foreign currencies rose to the equivalent of EGP716.067bn by the end of April 2024, compared to EGP467.271bn at the end of December 2023, with a growth rate of 53.24% during the first 4 months of 2024.