SCBank grows 39.31% on First Bank’s composite growth index during 2022
Suez Canal Bank of Egypt recorded a composite growth rate of 39.31% in all its activities that included net profits, deposit portfolio, loan portfolio, and asset portfolio at the end of December 2022, according to its latest separated financial results.
This rate was measured through a composite growth index developed by First Bank to identify the financial performance of banks with a single figure During -2022
SCBank was able to achieve positive results in all four sub-indicators net profit which formulated First Bank composite growth index, led by net profit that recorded a growth rate of 72% to record EGP 1.04 bn during 2022, compared to EGP 604.68 mn During 2021with an increase of EGP 435.36 mn
Furthermore, bank's deposits portfolio Occupied second place recorded a growth rate of 30.08% posted EGP 65.80 bn by the end of December 2022 in comparison to EGP 50.59 bn by the end of 2021 with growth amounting to EGP 15.22 Bn.
SCBank strengthened its financial performance with a growth rate of 30.01% reached to EGP74.67 bn at the end of 2022 compared to EGP 57.43 bn During 2021 with an increase of EGP 17.24 bn In addition, bank's total loans Jumps to record a growth rate of 25.13% posted EGP32.14 bn by the end of December 2022 in comparison to 25.68bn by the end of 2021 with growth amounting to EGP 6.45 bn
