Non-banking financial services continued their strong performance in 2Q 2024, according to the Financial Regulatory Authority’s (FRA) latest report (pdf). All activities showed solid performance during the quarter, with the value of mortgage financing more than tripling, and the value of factoring contracts, consumer financing, and SME financing notching noticeable increases.

#1– The value of mortgage financing granted during the period increased 206.7% y-o-y to EGP 6.4 bn, while the number of beneficiaries rose by 125.3% y-o-y to just over 2.3k.

#2– The volume of factoring contracts rose 43.7% y-o-y at the end of June to some EGP 24.5 bn.

#3– SMEs financing increased 43.5% y-o-y during the quarter to reach EGP 65.2 bn, but financing was distributed to 3.8 mn beneficiaries — a 2.3% drop y-o-y. Lending to micro projects took the lion’s share with EGP 56.2 bn.

#4- Consumer finance companies increased the total value of loans they offered by 16.7% y-o-y to EGP 12.1 bn. The loans were distributed to 963.9k customers — a 12.9% increase y-o-y. Around 28.5% of the financing went toward purchasing electronics, while 23.4% went toward financing car purchases.

#5- The value of finance leasing contracts increased 10.2% y-o-y to EGP 25.8 bn in 2Q 2024. In the same period, the number of contracts signed fell 42.1% y-o-y to 285 contracts.

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