saib continues to support mortgage activity, its loans jump 43% during H1-2024

saib was able to continue injecting more of its loans for mortgage activity during the first half of this year, growing at a rate of 42.71% and an increase of more than EGP 300 mn, reaching EGP 1 bn by the end of June 2024, compared to EGP 702.75 mn by the end of December 2023.

This growth was supported by the rise in the Bank's syndicated loans for mortgage activity during the first six months of this year, jumping by about 79%, and an increase of EGP 268 mn, after registering EGP 606.10 mn by the end of June compared to 337.34 mn by the end of December 2023.

The relative weight of the syndicated loan portfolio for real estate activity increased to 60.44% of the Bank's total loans for the activity by the end of June 2024, compared to a relative weight of 48% by the end of 2023.

Debit current account balances for mortgage activity rose by 2.41%, an increase of EGP 2 mn, from EGP 94 mn by the end of 2023, to EGP 96 mn by the end of June 2024.

The relative weight of debit current account balances for mortgage activity decreased to about 9.60% of the Bank's total loans for mortgage activity during the first 6 months of 2024 compared to its relative weight of 13.38% by the end of December 2023. 

saib's direct loans for mortgage activity contributed about 28% of its total loans for the activity to reach EGP 281.35 mn by the end of June 2024, compared to 271.37 mn by the end of 2023, growing by 5.97% and increasing by EGP 16.2 mn during the first half of 2024. 

The mortgage activity accounted for 2.19% of the total corporate loans, while it accounted for about 1.63% of the bank's total customer loans by the end of June.

The Bank's corporate loan portfolio rose by 36%, with an increase of EGP 12.22 bn by the end of the first half of this year, bringing the total portfolio to EGP 45.81 bn by the end of June 2024, compared to EGP 33.59 bn by the end of December 2023.

saib's total loans and facilities for customers rose by EGP 15.17 bn to register EGP 61.42 bn by the end of June 2024, compared to EGP 46.25 bn by the end of December 2023, to grow by 32.82% and thus gain second place on the First Bank list of the fastest growing listed banks in total customer loans during the first half of 2024.