Suez Canal Bank Tops List of Fastest-Growing Listed Banks in Q1- 2023

Suez Canal Bank has ranked first in First Bank composite growth index for listed banks with the highest growth rate during the first quarter of 2023, with a composite growth rate of 51.72%. 

This growth was driven by a surge in net profits, which increased by 160.58%. Additionally, total portfolio of customer loans, assets, and deposits increased by growth rates of 13.73%, 17.76%, and 14.83%, respectively.

Net profits for Suez Canal Bank jumped to EGP250.87 mn during the first quarter of 2023, compared to EGP96.27 mn during the same period in 2022, representing an increase of EGP154.59 mn.

The bank's total assets also rose to EGP87.925 bn at the end of March 2023, compared to EGP74.667 bn at the end of 2022, reflecting an increase of EGP13.258 bn.

Furthermore, the bank managed to increase its customer deposits portfolio, reaching EGP75.559 bn at the end of March 2023, compared to EGP65.803 bn at the end of 2022.

Suez Canal Bank also significantly strengthened its client financing, leading to a substantial increase in its total customer loans, which reached EGP36.550 bn at the end of March 2023, compared to EGP32.137 bn at the end of 2022.

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