SC Bank tops fastest-growing listed banks in direct loans during 2024

Suez Canal Bank has achieved strong growth in its portfolio of direct loans to corporates over the past year, jumping 355.40% year-on-year.

The bank's strong performance prompted it to top the "First Bank" list of the fastest-growing banks listed on the Egyptian Stock Exchange (EGX) in direct loans to corporates during 2024.

Suez Canal Bank's direct loans rose to EGP 19.75 bn by the end of 2024, compared to EGP 4.34 bn by the end of 2023.

This contributed to the rise of the Bank's total loans to enterprises "including microcredit for economic activities" by 120.57% over the past year, reaching 73.672 billion pounds by the end of 2024, compared to 33.401 billion pounds by the end of 2023.

Overall, Suez Canal Bank achieved a strong performance in its financial indicators over the past year, jumping its net profit to 5.681 billion pounds in 2024, compared with 2.293 in 2023, a growth of 147.7%, a total increase of 3.4 billion pounds, marking the fastest annual growth in 8 years, and its largest ever increase in value.

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

Total customer loans and facilities rose by 113.30% and an increase of 42.052 billion pounds over the past year, reaching 79.166 billion pounds by the end of 2024, compared to 37.114 billion pounds by the end of 2023.

Its assets portfolio jumped by 75.05% last year, reaching 180.190 billion pounds by the end of 2024, compared to 102.939 billion pounds by the end of 2023.