SC Bank tops fastest growing listed banks in Egypt during 2024

Suez Canal Bank achieved a strong performance over the past year, pushing it to top First Bank composite growth index for the fastest-growing Egyptian stock exchange in 2024, with a composite growth rate of 105.01%, up from fifth place on the same list during 2023.

This strong performance was driven by the extraordinary growth achieved by the Bank in its net profits, rising to Pound5.681 billion in 2024, compared to Pound2.293 billion in 2023, marking a growth rate of 147.7%, an overall increase of Pound3.4 billion.

This jump represented the fastest annual growth rate achieved in eight years, and the highest absolute value for the increase in the Bank's history, ranking it second on the First Bank list of the fastest growing net profits in the same year.

Financing also contributed prominently to the Bank's leading of the combined First Bank Growth Index for listed banks. Total loans and customer facilities increased by 113.3%, marking a financial increase of EGP 42.052 billion during the fiscal year ended 2024, bringing the total balance to EGP 9.166 billion by the end of the same year, compared to EGP 37.114 billion by the end of 2023.

This strong jump enabled him to top the "First Bank" list of the fastest growing banks in total customer loans in 2024.

Deposits played a pivotal role as a third factor in supporting this growth, rising by 84%, an increase of 61.824 billion pounds over the past year, to a total value of 135.471 billion pounds by the end of the same year, compared to 73.647 billion pounds by the end of 2023, high on the First Bank list of the fastest growing banks in the same year.

Its portfolio of assets rose by 75.05% last year, reaching Pound180.190 billion by the end of 2024, compared to Pound102.939 billion by the end of 2023, topping First Bank's list of the fastest-growing Egyptian exchange-listed banks in 2024, clinching the top of First Bank's list of the fastest growing assets in 2024.

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