CBE: Banking sector loans grow by 30.5%, recording EGP 6.90 tn by May -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 EGP 6.89tn by the end of May 2024, compared to EGP 5.29tn at the end of December 2023, with a growth rate of 30.50%, and an increase of EGP 1.61tn during the first 5 months of the current year.

The total balance of lending to the government increased by 46.13%, to record EGP 3.443tn by the end of May 2024, compared to EGP 2.35tn 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 EGP 1.600tn by the end of May 2024, compared to EGP 1.256tn 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 EGP 1.842 tn by the end of May 2024, compared to EGP1.100tn at the end of December 2023, with a growth rate of 67.44%.

Non-government loans increased by about 17.93%, to record EGP 3.454 tn by the end of May 2024, compared to EGP 2.929 tn at the end of December 2023, with an increase of more than EGP 525.36 bn during the first 5 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 EGP 2.744 tn by the end of May 2024, compared to EGP 2.462 tn at the end of December 2023, with a growth rate of 11.45%.

Non-government loans in foreign currencies rose to the equivalent of EGP 710.585bn by the end of May 2024, compared to EGP  467.271bn at the end of December 2023, with a growth rate of  52.07% during the first 5 months of 2024, with an increase of EGP 243.31bn.