SC Bank strengthens its position in deposit market during a record period, its portfolio jumps to EGP 135.5 bn by the end of 2024

Suez Canal Bank has witnessed a remarkable development in the size of its customer deposit portfolio, adopting an ambitious strategy based on the expansion of digital banking services, and enhancing customer confidence by providing innovative solutions that meet the needs of individuals and companies, which has contributed to attracting more deposits and diversifying the bank's customer base.

This growth was not just a digital increase in portfolio size, but was driven by thoughtful policies that enhanced the Bank's competitiveness, whether through the introduction of attractive savings vessels, or the strengthening of relationships with different economic sectors.

The Bank's deposit portfolio rose to 135.47 billion pounds by the end of 2024, compared to 73.65 billion by the end of 2023, jumping by 84% and an increase of 61.82 billion pounds over the past year.

The strong increase in the total deposits of the Bank's clients is due to the record growth in the size of its corporate deposit portfolio, which jumped by 92.92% over the past year, to 114.34 billion pounds by the end of 2024, compared with 59.27 billion by the end of 2023, an increase of 55.07 billion pounds.

This is also due to the growth of the Bank's total retail deposit portfolio by 46.95% and an increase of 6.75 billion pounds over the past year, registering 21.13 billion pounds by the end of 2024, compared to 14.38 billion by the end of 2023.

Overall, the Bank recorded strong growth rates in its key indices over the past year, with net profits rising at a growth rate of 148% (the fastest annual growth in the Bank's net earnings over the last 8 years), to 5.68 billion pounds in 2024, compared with 2.29 billion in 2023, with an increase of 3.39 billion pounds.

The bank's total assets jumped by 75.05%, increasing by 77.25 billion pounds last year, bringing the portfolio to 180.19 billion pounds by the end of 2024, compared to 102.94 billion by the end of December 2023.

The Bank's total loan portfolio also jumped by 113.31% and an increase of 42.05 billion pounds over the past year, registering 79.17 billion pounds by the end of 2024, compared to 37.11 billion by the end of 2023.