Agricultural Bank of Egypt's Customer Deposit Portfolio rose by more than EGP 93 bn by the end of 2021
Agricultural Bank of Egypt's customer deposits have increased in recent years, rising from EGP 95.975 bn by the end of 2021, to EGP 189.4 bn by the end of September 2024, with a growth of 97.34% and an increase of EGP 93.425 bn, reflecting the confidence of customers in the bank's efficiency in managing their savings and facilitating their transactions according to the latest banking systems
The significant growth in the Bank's deposit portfolio is due to the adoption of a comprehensive strategy to enhance confidence and improve the financial services provided to its customers.
This strategy included the development of banking infrastructure, with a focus on digital transformation and the operation of the modern banking system, one of the latest banking technologies worldwide.
The system also represents a qualitative shift in the Bank's banking operations, providing high-quality banking services, enhancing control over banking operations and reducing operating risks, which has helped attract new segments of customers, especially young people, resulting in significant increases in the size of the customer deposit portfolio
Overall, the Agricultural Bank of Egypt has achieved a strong performance during this year, with the size of small business financing reaching about EGP 5.8 bn, benefiting 5,958 small corporates, while the size of medium corporates financing is about EGP 5.9 bn for 157 corporates by the end of September 2024
426 thousand microenterprises (corporates and individuals) were financed, amounting to approximately EGP 34 bn by the end of September 2024
At the same time, the Bank's role in financing projects and major corporates has grown to maximize its role in the national economy. The number of large corporates operating in the agricultural and industrial sectors has increased to 203 with a funding volume of EGP 20.7 bn by the end of September 2024.
Agricultural Bank of Egypt has also been able to pump some EGP 895 mn into syndicated loans by the end of September 2024, in collaboration with other banks to finance about 12 major corporates in different sectors.
In the third quarter of 2024, the Bank achieved significant success in diversifying the loans portfolio, expanding to include financing industrial, commercial and service activities and projects, along with its key role as one of the largest banks specializing in supporting and financing the agricultural sector and related activities and industries.
