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Fast Growth for Egyptian Corporate Loans

NBK Capital MENA reported that corporate loans in Egypt increased by 1.2 percent month over month in March 2014, the fastest growth since April 2013, resulting in a five per cent increase over March 2013. Corporate loans increased 1.1 percent for the third consecutive month in March 2014. Retail lending continued its winning streak +1.6 percent resulting in year over year growth of approximately 12 percent, much higher than corporate lending (three percent).

With Central Bank of Egypt (CBE) figure that broke the loans down in terms of currency, FX loans as well as EGP loans increased in February 2014 (the latest month for which data is available). Breaking the corporate loans further down, NBK Capital MENA notes that FX corporate loans grew faster (1.5 percent MoM) than EGP loans, partially reversing their decrease in the previous month. Also, on a year over year basis, FX corporate loans were up six perent, higher than the two percent expansion in EGP corporate loans.

Deposits continued to increase (+16 per cent YoY), with growth standing at 1.7 per cent in March 2014, higher than the growth seen in the previous month (+1.3 per cent).

Growth in corporate deposits maintained its strong momentum in March 2014 (+2.6 percent) following a 1.5 percent expansion in February, while growth in retail deposits remained positive and stable.

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