Suez Canal Bank tops the fastest growing banks in direct loans during 9M-2024

Suez Canal Bank achieved strong growth in its portfolio of direct loans to corporates, jumping about 100% in the first 9 months of 2024

This strong performance led the bank to be topped by the First Bank's list of fastest-growing banks in direct loans to corporates in the first 9 months of 2024, having been ranked eleventh and last for the same period in a year 2023

The direct loans of the Suez Canal Bank rose to 8.674 billion pounds by the end of September 2024, compared to 4.337 billion pounds by the end of 2023, with an increase of 4.337 billion pounds

This contributed to the rise of the Bank's total corporate loans to 50.476 billion pounds by the end of September 2024, compared to 33.4 billion pounds by the end of 2023, with a growth of 51.13% and an increase beyond 17 billion pounds

Overall, Suez Canal Bank achieved a strong performance over the past year, with the bank's net profits rising by 130.07%, registering 3.121 billion pounds during the first 9 months of 2024, compared to 1.356 billion pounds during the same period of 2023, an increase of 1.764 billion pounds

Net interest income jumped by 67.58%, to 3.892 billion pounds in the first 9 months of 2024, compared to 2.323 billion pounds in the same period from 2023

Net fees and commissions income rose to Pound644.332 million during the first 9 months of 2024, compared to Pound515.128 million during the same period from 2023, with a growth of 25.08% and an increase of Pound129.204 million

Total customer loans jumped by 49.67% during the first 9 months of last year, reaching 55.547 billion pounds by the end of September 2024, compared to 37.114 billion pounds by the end of 2023, an increase of 18.433 billion pounds

The customer deposit portfolio rose by 45.76% in the first 9 months of 2024, reaching 107.348 billion pounds by the end of September 2024, compared to 73.647 billion pounds by the end of 2023, an increase of 33.701 billion pounds

Suez Canal Bank's asset portfolio rose by 43.32% in the first 9 months of last year, registering 147.531 billion pounds by the end of September 2024, compared with 102.938 billion pounds by the end of 2023, an increase of 44.592 billion pounds