Suez Canal one of the listed banks, continued to show growing interest in the corporates, as evidenced by the

Analysis

Suez Canal Bank Tops listed banks in focusing on financing corporates in Q1- 2023

6/15/2023 11:17:00 AM

Suez Canal one of the listed banks, continued to show growing interest in the corporates, as evidenced by the bank's figures, Its financing for corporate accounted for 91.5% of its total customer loans.

Suez Canal maintained its position, ranking first on First Bank list of listed banks with the highest focus on corporate loans at the end of 2022.

The bank's financing for corporates increased by 13.83%, reaching EGP 33.4 bn at the end of Q1 2023, compared to EGP 29.4 bn at the end of 2022, with an increase of EGP 4.1 bn.

Total customer loans rose from EGP 32.14 bn at the end of 2022 to reach EGP 36.55 bn at the end of Q1 2023, with a growth rate of 13.73% and an increase of EGP 4.41 bn.

Despite the bank's significant focus on corporates, it does not overlook the importance of financing Retail, as financing for retail reached EGP 3.1 bn at the end of March 2023, compared to EGP 2.8 bn at the end of 2022, with a growth rate of 12.62%.

Overall, Suez Canal achieved a strong performance in the current year, as its net profits jumped to EGP 250.87 mn during the first 3 months of 2023, compared to EGP 96.27 mn during the same period in 2022, with an increase of EGP 154.59 mn.

Deposit portfolio increased to record EGP 75.559 bn at the end of March 2023, compared to EGP 65.803 bn at the end of 2022.

The bank also strengthened its asset portfolio, which grew to EGP 87.925 bn at the end of Q1 2023, compared to EGP 74.667 bn at the end of 2022, with an increase of EGP 13.258 bn.