SCBank Enhances Corporate Finance During 2022, Records A Significant Growth In Direct loans

Suez Canal Bank strengthened its corporate finance during 2022, as its portfolio jumped by 22.97%, to reach EGP 29.38 bn at the end of last year, compared to EGP23.89 bn at the end of 2021, an increase of EGP 5.49 bn.

Direct loans jumped by 70.30%, to reach EGP 6.69 bn at the end of 2022, compared to EGP 3.93 bn at the end of 2021, an increase of EGP 2.76 bn, leading the listed banks in terms of direct loans .

Direct finance for Tourism reached EGP 4.72 bn, recorded EGP927.28 mn for financial services, and EGP 334.83 mn for Industrial sector, real estate sector reached EGP406.07 mn, and services received EGP171.92 mn, while EGP 1.59 mn were distributed among other sectors.

Debit current accounts jumped by 11.60%, to record EGP 13.08 bn at the end of 2022, compared to EGP 11.72 bn at the end of 2021, an increase of EGP1.36 bn.

Current accounts reached EGP5.86 bn, EGP1.95 bn for financial services, EGP 1.78 bn for real estate sector, and EGP1.19bn for services, commercial sector received EGP 1.37 bn, and EGP 667.44 mn for Tourism, while the remaining value of EGP271.89 mn was distributed to other sectors.

Moreover, Syndicated loans rose to EGP9.61 bn by the end of 2022, compared to EGP 8.24 bn by the end of 2021, achieving a growth rate of 16.56%, an increase of EGP1.37 bn.

The bank's Corporate sector contributed 91.42% to the bank’s total financial portfolio, which jumped to EGP32.14 bn at the end of 2022, compared to EGP25.68 bn at the end of 2021, achieving a growth rate of 25.13%, and an increase of EGP6.45 bn, ranking fourth on First Bank list of listed banks with  fastest growth in total loan portfolio .