Banks inject EGP 53.2bn in mortgage financing initiative for low-income individuals

A report issued by the Social Housing and Mortgage Finance Fund (SHMFF) revealed that banks operating in the Egyptian market have injected EGP 53.185bn of mortgage financing for 467,550 customers.

This comes within the framework of the mortgage financing initiative for low-income individuals, until the end of January 2023, accounting for 95.8% of the total funds that were injected within that initiative.

This comes as the companies operating in this activity injected about EGP 2.333bn to about 9,109 customers within the initiative, accounting for 4.2%, bringing the total financing to about EGP 55.5bn, serving about 486,659 customers.

According to the report, NBE acquired 27.3% of the total funds that were injected within the initiative, with a volume of financing amounting to EGP 15.179bn, which was granted to 132,140 customers.

Banque Misr came in the second place with a financing volume of EGP 12.875bn for 109,005 customers, with a share of 23.2%.

On the other hand, the Housing and Development Bank’s financing recorded EGP 6.613bn for 69,920 customers with a share of 11.9%. It was followed by Banque du Caire with a financing volume of EGP 3.356bn for 35,448 customers, with a share of 6%, then CIB with a financing volume of EGP 3.071bn for 23,661 customers, with a share of 5.5%.

In the sixth place came QNB Al Ahli Bank, with a volume of financing of EGP 2.305bn for 16,888 clients, with a share of 4.2%, then the Industrial Development Bank, with a volume of financing of EGP 1.765bn for 16,278 clients, with a share of 3.2%.

The United Bank came in the eighth place with a financing volume of EGP 1.683bn for 12,724 customers with a 3% share, then the Arab African International Bank (AAIB) with a financing volume of EGP 1.158bn for 9,944 customers with a 2.1% share, then Blom Bank with a financing volume of EGP 715.584m for 6,028 customers with a share of 1.3%.

The Fund revealed that the Contact Mortgage Company topped the companies participating in this initiative, with a volume of financing amounting to EGP 838.361m, for 6,165 customers.

Al Tameer Mortgage Finance came in the second sport, with EGP 814.022m for 6,745 customers, and Al-Ahly Finance pumped EGP 665.284m for about 539,000 clients.

The volume of funds pumped by Amlak Real Estate Finance amounted to EGP 134.252m to 320,200 clients, while Tamweel Mortgage Finance pumped 68.666m to 602 clients.

According to the fund, the Egyptian Company for Mortgage Finance pumped financing that amounted to EGP 43.042m to 429 clients, while the amount of financing of Al-Ahly United Company amounted to EGP 19.973m to 200 clients, and the Arab African International Company pumped financing of EGP 12.211m to 109 clients.