SC Bank tops fastest growing banks on First Bank composite Growth Index during 2024

Suez Canal Bank recorded strong performance over the past year, pushing it to top First Bank composite Growth Index for the fastest growing banks in 2024, with a composite growth rate of 105.01%.

This strong performance was driven by the exceptional growth achieved by the bank in its net profits, which rose to 5.681 billion pounds in 2024, compared to 2.293 billion pounds in 2023, recording a growth rate of 147.7%, a total increase of 3.4 billion pounds.

This jump represented the fastest annual growth rate achieved in eight years, and the highest absolute value of increase in the bank’s history, which qualified it to occupy third place on First Bank’s list of the fastest growing banks in net profits during the same year.

The financing also contributed significantly to the bank topping the «First Bank» composite growth index, as total customer loans and facilities increased by 113.3%, recording an increase of 42.052 billion pounds during the year ending in 2024, bringing the total balance to 79.166 billion pounds by the end of the same year, compared to 37.114 billion pounds by the end of 2023.

This strong jump enabled it to top «First Bank»’s list of the fastest growing banks in total customer loans during 2024.

Deposits played a pivotal role as a third factor in supporting this growth, as they increased by 84%, achieving an increase of 61.824 billion pounds over the past year, reaching 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, making it at the top of the list «First Bank» for the fastest growing banks in the volume of customer deposits during the same year.

Its portfolio of assets increased by about 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, topping «First Bank»’s list of the fastest growing banks in assets during 2024.

To see the full list.. Click here.