Agricultural Bank's Loan Portfolio Increases To EGP 80.3Bn In Q3 2024

(MENAFN- Daily News Egypt) The Agricultural Bank of Egypt (ABE) concluded the third quarter (Q3) of the current year with remarkable growth rates in business results indicators. According to ABE indicators in Q3 2024, the size of the loan portfolio increased in September to EGP 80.3bn, an increase of EGP 9bn compared to the size of the loan portfolio in September 2023, amounting to nearly EGP 71.9bn.

The number of clients benefiting from these loans is estimated to be 506,000 clients including individuals and companies. That number includes 28,000 new clients who joined the bank's list in 2024, as a result of the bank's continued adherence to disciplined credit policies to link lending to production and direct financing to serious productive activities. This has helped stimulate investment in the agricultural sector in all its productive fields.

Furthermore, in Q3 2024, the bank was able to diversify its loan portfolio to include expanding lending to industrial, commercial and service activities and projects, alongside its main role as one of the largest banks specializing in developing and financing the agricultural sector and other related industries. This falls into the bank's new strategy to provide banking and financing services at the highest quality.

Additionally, the deposit portfolio witnessed a significant increase in the aforementioned period, jumping from EGP 169.2bn in September 2023, to EGP 189.4bn in September 2024, an increase of EGP 20.2bn. This reflects customers' confidence in the bank's ability to manage their savings and facilitate their transactions using the latest banking system“FINICAL”. The new system also represents a major step in developing the bank's banking operations, providing distinguished banking services to customers, tightening control over operations, and reducing operational risks.

MENAFN02112024000153011029ID1108844381