Suez Canal Bank Leads Growth for Listed Banks on First Bank lists in Q1-2023

Suez Canal Bank has shown strong performance in the first quarter of 2023, driven by the efforts of its Chairman of the Board of Directors and Managing Director, Hussein Rifai, and his team. This success is reflected in the bank's impressive rankings on various lists issued by First Bank, which assesses and categorizes the financial performance of banks operating in the Egyptian market.

Firstly, Suez Canal Bank topped First Bank list for listed banks with the fastest growth in net profits during the first 3 months of 2023. The bank's net profits experienced a remarkable surge of 160.58%, reaching EGP 250.87 mn in Q1 2023, compared to EGP 96.27 mn in the same period of 2022, marking a substantial increase of EGP 154.59 mn.

Additionally, the bank secured the first position on First Bank list for listed banks with the fastest growth in customer deposits during the first quarter of this year. The bank's deposit portfolio witnessed a notable increase of 14.83%, EGP 75.559 bn by the end of March 2023, compared to EGP 65.803 bn by the end of 2022, reflecting a growth of EGP 9.756 bn.

Furthermore, Suez Canal Bank claimed the second place on First Bank list for listed banks with the fastest growth in assets, with a notable rise of 17.76%. By the end of March 2023, the bank's total assets reached EGP 87.925 bn, compared to EGP 74.667 bn by the end of 2022, representing an increase of EGP 13.258 bn.

Moreover, the bank achieved the second position on First Bank list for listed banks with the fastest growth in net fees and commissions income during the first quarter of this year. It experienced a significant leap of 227.67%, generating EGP 224.09 mn in Q1 2023, compared to EGP 68.39 mn in the same period of 2022, indicating a growth of EGP 155.7 mn.

In terms of total customer loans, Suez Canal Bank secured the second place on First Bank list for listed banks with the fastest growth. Its loan portfolio grew by  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.

Furthermore, the bank achieved the third position on First Bank list for listed banks with the fastest growth in credit card issuance. Its credit card portfolio increased by 7%, reaching EGP 39.02 mn by the end of March 2023, compared to EGP 36.5 mn by the end of 2022.

Additionally, Suez Canal Bank secured the third place on First Bank list for listed banks with the fastest growth in corporate deposits. Its portfolio witnessed a growth of 16.82%, with the total reaching EGP 61.9 bn by the end of March 2023, compared to EGP 83 bn by the end of 2022.

Moreover, Suez Canal Bank secured the third place on First Bank list for listed banks with the fastest growth in corporate deposits. Its deposit portfolio grew by 16.82%, as total corporate deposits reached EGP 61.9 bn by the end of March 2023, compared to EGP 83 bn by the end of 2022.

Additionally, the bank claimed the third place on First Bank list for listed banks with the fastest growth in retail loans. Its retail loan portfolio witnessed a growth rate of 12.62%, amounting to EGP 3.1 bn by the end of March 2023, compared to EGP 2.8 bn by the end of 2022.

Furthermore, Suez Canal Bank secured the third place on First Bank list for listed banks with the fastest growth in corporate loans. Following a rise of 13.83% in its loan portfolio, the bank recorded EGP 33.4 bn by the end of March 2023, compared to EGP 29.4 bn by the end of 2022.

for more details Click Here