NBE tops list of banks in mortgage finance initiative for low-income individuals in October 2023

Hossam Mounir
2 Min Read

The National Bank of Egypt (NBE) was the leading bank in the mortgage finance initiative for low-income individuals in October 2023, according to the Social Housing and Mortgage Finance Fund. The NBE provided financing worth EGP 16.825bn to 141,971 customers, representing 26.3% of the total financing under the initiative.

The Fund reported that banks and real estate financing companies allocated EGP 63.9bn to the initiative until the end of October 2023, benefiting about 536,187 customers.

The report showed that banks accounted for 96.3% of the total initiative, with financing worth EGP 61.541bn to about 516,9604 customers, while companies contributed 2.4%, with financing worth EGP 2.360bn to about 19,227 customers.

Banque Misr came second among the participating banks, with financing worth EGP 15.475bn to about 124,907 customers, at a rate of 24.2%, followed by the Housing and Development Bank (HDB), with financing worth EGP 6.997bn to about 72,150 customers, at a rate of 11%.

Banque du Caire ranked fourth with 7.3%, with financing worth EGP 4.633bn to about 42,606 clients, followed by Commercial International Bank (CIB) with 5.1%, with financing worth EGP 3.278bn to about 24,705 customers.

QNB Alahli came in sixth place with 5%, with financing worth EGP 3.172bn to about 21,861 customers, followed by the Industrial Development Bank with 2.9%, with financing worth EGP 1.851bn to about 16,869 customers.

The report also revealed that the United Bank came in eighth place with financing worth EGP 1.783bn, at a rate of 2.8%, to about 13,410 customers, followed by the Arab African International Bank (AAIB), with financing worth EGP 1.218bn to about 10,284 customers, at a rate of 1.9%, and Mashreq Bank, with financing worth EGP 974.747m for about 5,982 customers, representing 1.5% of the initiative’s funds.

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