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There was a significant growth in the bank’s loan portfolio, reaching EGP 77.797bn in November 2023, compared to about EGP 63.97bn in December 2022, a 19% increase
Alaa Farouk, Chairperson of the Agricultural Bank of Egypt (ABE), said there was a significant growth in the bank’s loan portfolio, reaching EGP 77.797bn in November 2023, compared to about EGP 63.97bn in December 2022, a 19% increase.
Farouk attributed this achievement to the completion of a major phase of the comprehensive plan to develop the bank, enhancing its banking and financing services to meet the various needs of its clients. The bank has also adopted credit policies to link lending with production, enabling it to play a crucial developmental role in financing agricultural projects and related industrial and service activities.
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The bank aims to remove obstacles and promote investment in agriculture and related activities to support national economic development, create direct and indirect job opportunities, and improve the income levels of citizens, especially in rural areas. He reported an increase in deposit size from EGP 141.244bn in December 2022 to around EGP 173.73bn in November 2023, a growth of EGP 32.5bn or 23%. This reflects the customers’ trust in the bank’s ability to manage their savings and facilitate transactions according to the latest banking systems.
