With a growth of 36.4% during H1-2024, Banking sector records fastest quarterly growth in loans last 5 years

The total loan portfolio of banks operating in the banking sector "other than the Central Bank" grew strongly during the first half of this year, rising by 36.38% and an increase of about EGP 1.92 trillion, registering EGP 7.21 trillion by the end of June 2024, compared to 5.29 trillion by the end of December 2023, thus achieving the fastest quarterly growth in the last 5 years.

In terms of growth rates in total loans to banks "other than the Central Bank" over the past years, the banking sector recorded growth of 17.58% during the first half of 2023, "the second highest quarterly growth rate in the portfolio during the period under analysis", with a value of about EGP 4.72 trillion by the end of June 2023, compared to 4.01 trillion by the end of December 2022

For the first half of 2022, the total portfolio of Egyptian banking customers grew by 15.11%, while growth rates rose by 16.28% and 16.36% during the same period in 2021 and 2020 respectively.

Overall, the Egyptian banking sector achieved outstanding performance during the first half of this year, with total banking assets (other than the Central Bank) rising at a growth rate of 36.2% over, to register EGP 19.336 trillion by the end of June 2024, compared to 14.201 trillion by the end of December 2023, bringing an increase of EGP 5.136 trillion

The total portfolio of Egyptian banking customers jumped by 18% and an increase of about EGP 1.828 trillion during the first half of this year, reaching EGP 11.992 trillion by the end of June 2024, compared to 10.163 trillion by the end of December 2023

The net profits of banks operating in the Egyptian banking system "other than the Central Bank" rose by 128.04%, reaching EGP 289.409 bn during the first half of 2024, compared to EGP 126.91 bn during the same period in 2023, an increase of EGP 162.499 bn