SC Bank Jumps by 51.72% on First Bank Composite Growth Index during Q1-2023

The separate financial statements of Suez Canal Bank, which ended on March 31, 2023, revealed that the bank recorded a composite growth rate of 51.72% in all branches of activity that include net profits, deposit, loan, and bank asset portfolios.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with a single number, during the first quarter of 2023

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 160.58% to record EGP 250.867 mn during Q1 2023, compared to EGP 96.274 mn at the same period 2022 with an increase of EGP 154.593 mn

In addition, the bank's Total asset portfolio came in second place to record EGP 87.925 bn by the end of March 2023, compared to EGP 74.667 bn by the end of 2022, achieving a growth rate of 17.76%, and an increase of EGP 13.258 bn

Furthermore, The bank's Total customer loans achieved a growth rate of 13.73% to reach EGP 36.550 bn by the end of March 2023, compared to EGP 32.137 bn by the end of 2022، with an increase of EGP 4.413 bn

Total customer deposit portfolio increased by a growth rate of 14.83% during the first quarter of this year, bringing the total portfolio from EGP 65.803 bn at the end of December 2022 to EGP 75.559 bn at the end of the first quarter of this year, achieving an increase of EGP 9.756 bn.