Akef ElMaghraby promotes SC Bank position on Egypt's fastest growing lists in 9M

Since assuming executive leadership at Suez Canal Bank in early April 2024, the Bank has seen record jumps to continue its successful run in recent years, adopting an ambitious strategy based on the expansion of digital banking services, enhancing customer confidence and contributing to a balance between the remarkable growth of the Bank's financial indicators and strengthening its position in the banking sector.

This article of decision makers addresses the role of ElMaghraby and the impact of his outstanding leadership strategy on the remarkable rise in the size of the Bank's major portfolios, as this growth was not only a digital increase, but was driven by thoughtful policies that enhanced the Bank's competitiveness in the Egyptian market.

Thanks to ElMaghraby’s ambitious vision and innovative approach, the Bank has been able to achieve record growth rates in its financial indicators over a short period of time, The bank's net profit recorded the highest annual growth rate in the last 8 years at 148% and an increase of 3.39 billion pounds to reach 5.68 billion pounds in 2024, compared to 2.29 billion pounds in 2023, clinching second place on First Bank's list of the fastest growing net profits in the past year.

In terms of credit grants, total customer loans jumped the bank under its leadership by 78.77% and an increase of about 34.88 billion pounds, bringing the portfolio size to 79.17 billion pounds by the end of 2024, compared to 44.29 billion by the end of March 2024, leading the First Bank list of the fastest growing banks in customer loans in 2024.

The significant increase in the Bank's total loans portfolio was driven by the record growth in corporate loan portfolio, which jumped by an 83.3% growth rate and an increase of 33.48 billion pounds, registering some 73.67 billion pounds by the end of 2024, compared to 40.19 billion by the end of March 2024, topping the First Bank list of the fastest growing banks in corporate loans in 2024.

The Bank's total retail loan portfolio also increased by 34.2% over the period, moving from 4.09 billion pounds by the end of March 2024, reaching 5.49 billion by the end of 2024, bringing an increase of 1.20 billion pounds, placing fifth on the list of the fastest-growing listed banks in retail loans over the past year.

ElMaghraby has been able to significantly enhance depositors' confidence in the bank, as evidenced by the extraordinary growth in the volume of its clients' deposit portfolio, which jumped by 45% and an increase of 41.84 billion pounds, reaching 135.47 billion pounds by 2024, compared to 93.63 billion by the end of March 2024, leading the First Bank list of fastest-listed banks in 2024.

This strong increase in the total deposits of the Bank's customers under the leadership of ElMaghraby is due to the record growth in the size of its corporate deposit portfolio, which jumped by 48.4%, to 114.34 billion pounds by the end of 2024, compared to 77.04 billion billion by the end of March 2024, bringing an increase of 37.31 billion pounds, leading the First Bank list of the fastest-listed banks in 2024 deposits.

In addition to growing by 27.3% and an increase of 4.53 billion pounds, the bank's total retail deposit portfolio recorded 21.13 billion pounds by the end of 2024, compared to 16.59 billion by the end of March 2024, placing fifth on the First Bank list of the fastest-growing banks on retail deposits in 2024.

The Bank's efforts resulted in a record jump in its total asset portfolio, which rose at a growth rate of 32.5% and an increase of 44.18 billion pounds, reaching 180.19 billion pounds by the end of 2024, compared to 136.02 billion by the end of March 2024, leading the First Bank list of the fastest growing asset banks of the past year.

Since taking the executive leadership of the bank, ElMaghraby has also successfully increased its exported and paid capital at a growth rate of 41.3%, reaching 6.50 billion pounds by the end of 2024, compared to 4.60 billion pounds by the end of March 2024, marking an increase of 1.90 billion pounds.