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EGP 11.8bn value of financial leasing contracts in H1 of 2017: Samy - Daily News Egypt

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EGP 11.8bn value of financial leasing contracts in H1 of 2017: Samy

Mortgage funding companies inject EGP 956m during H1 of 2017 with a 77% increase

The activity of financial leasing has achieved a contracts worth EGP 11.8bn compared to EGP 11bn during the same period last year with a 7% increase. On the other hand, the number of contracts declined from 1239 to 894, according Sherif Samy, the chaiperson of the Egyptian Financial Supervisory Authority (EFSA).

He explained that the activity of mortgage and lands has topped the list of categories with contracts worth EGP 7.8bn (66% of the total), followed by the activity of production lines with contracts worth EGP 989m (8.4% of the total amount), then the activity of lorries with contracts worth EGP 968m (8.2% of total). In fourth place came the activity of heavy equipment recording EGP 827m (7% of the total activity).

He added that the number of financial leasing companies registered in the EFSA was 225 during the first half (H1) of 2017, compared to 222 during H1 2016.

The value of the mortgage funding activity reached EGP 956m during H1 2017, compared to EGP 540m during the same period of 2016, with a 77% increase, according to Samy.

He pointed out that the total existing funding balances at mortgage companies reached EGP 3.5bn by the end of June—a 27% increase over the figure of 2016. During that period, mortgage refunding took place from the Egyptian Mortgage Refinance Company (EMRC) for EGP 55m.

The percentage of the clients of mortgage financing in the category of income over EGP 3,500 monthly is more than 97.5% of the total beneficiaries.

The category of residential units of an area more than 86 sqm represents 81% of the total number of contracts, while units of areas from 66-86 sqm represent 5% of contracts, and units of 66 sqm represent 14%,” Samy said.

He added that 25% of the value of issued contracts during that period was allocated to non-residential purposes.

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