ABK-Egypt’s syndicated loans rose by 67% during 9M-2024, recording EGP 2.76 bn

Syndicated loans in Egypt have developed significantly in recent years, with the need to finance major projects in many areas, including infrastructure, energy and real estate. ABK-Egypt is one of the banking institutions that played a prominent role in supporting these projects, having been able to enhance its participation in the common loan market in line with its expansion and growth strategy.

Since the beginning of its operations in the Egyptian market, the Bank has succeeded in continuing to implement its integrated strategy and expansion plan aimed at developing its corporate portfolio and providing credit facilities to corporate customers in various sectors that meet their growing business needs.

The Bank is committed to supporting and financing all vital sectors of the Egyptian market in the belief that all efforts must be combined in order to achieve national development plans and Egypt's Vision 2030 to promote the national economy and maximize the benefit to society as a whole.

ABK-Egypt managed to achieve a boom in its syndicated loan portfolio this year after its portfolio volume jumped by 67%, registering 2.76 billion pounds by the end of September 2024, compared to 1.65 billion by the end of December 2023.

Overall, the Bank achieved a record performance in its main indicators during the nine months ended September 30 of this year, with net profits jumping by 131%, to 5.36 billion pounds, compared to 2.32 billion during the same period in 2023, with an increase of 3.03 billion pounds.

Its asset portfolio also jumped by 40.2% during the nine months ended 30 September 2024, reaching 137 billion pounds by the end of September 2024, compared to 97.61 billion by the end of December 2023, bringing an increase of 39.25 billion pounds.

The total portfolio of its customer loans rose by 44.2% and an increase of 20.77 billion pounds during the nine months ended September 30, to 67.78 billion pounds by the end of September 2024, compared to 47 billion by the end of December 2023.

The volume of its customer deposits rose by 33.95 billion pounds and a 41% growth rate during the first 9 months of this year, after registering 117.01 billion pounds by the end of September 2024, compared to 83.06 billion by the end of December 2023.