With 148%, SC Bank records fastest annual growth in net profits in 8 years

Suez Canal Bank has been able to perform strongly and exceptionally over the past year, thanks to the outstanding efforts led by Akef El Maghraby Chief Executive Officer and Managing Director of the Bank. He has successfully implemented ambitious strategies aimed at expanding its business and attracting new segments of customers at the individual and institutional level, thus strengthening the bank's position as one of the fastest growing banks in the Egyptian market.

The Bank's latest business results reflected its strong performance over the past year, with the Bank's net profit recording the highest annual growth rate over the last 8 years at 147.73%, registering 5.681 billion pounds in 2024, compared to 2.293 billion pounds in 2023, up to 3.388 billion pounds, the largest ever.

Given the growth rates over the period under analysis, the Bank's second-highest annual growth rate in 2023 was 120.51%, while it recorded growth of about 72% in 2022.

Suez Canal Bank recorded marginal net profit growth in 2021 of 0.50%, while growth of 10.97%, 29.04%, 18.10% and 69.69% in the years following 2020, 2019, 2018 and 2017 respectively.

The Bank's significant increase over the past year was driven by a significant jump in net revenue, which rose by 70.85%, to 5.541 billion pounds in 2024, compared to 3.243 billion pounds in 2023, marking an increase of 2.298 billion pounds.

Overall, the total portfolio of loans and facilities of the Suez Canal Bank achieved a record growth of 113.30% after the bank increased the granting of credit to its customers by 42.052 billion pounds over the past year, registering 79.166 billion pounds by the end of 2024, compared to 37.114 billion pounds by the end of 2023.

Its total customer deposits jumped by 84% and an increase of 61.824 billion pounds over the past year, registering a portfolio size of 135.471 billion pounds by the end of 2024, compared to 73.647 billion pounds by the end of 2023.

The bank's total asset portfolio rose by 75.05% and an increase of 77.251 billion pounds over the past year, registering 180.190 billion pounds by the end of 2024, compared with 102.939 billion pounds by the end of 2023.