Corporates Seize 91.5% of Customer Loans at Suez Canal Bank, Totaling EGP33.4 Bn by March-2023 end

In the financial period ending in March 2023, Bank of Suez has reported substantial growth in its customer loan portfolio, with corporates accounting for a dominant 91.5% share of total customer loans and facilities.

During the first quarter of this year, the bank's portfolio of corporate loans witnessed remarkable expansion, reaching a total of EGP33.4 bn. This indicates a growth rate of 13.83%, with an increase of EGP4.1 bn recorded in the first quarter alone, compared to the EGP29.4 bn reported at the end of December 2022.

Another significant area of growth for Bank of Suez is in its debit current accounts, which experienced a surge of 27.93% during the first quarter of 2023. The value of these accounts reached EGP16.7 bn at the end of March 2023, up from EGP13.1 bn in December 2022, marking an increase of around EGP3.7 bn.

Furthermore, the bank's joint loan portfolio saw a notable growth rate of 11.37%, with an additional EGP1.1 bn in the first quarter of the current year. Total joint loans reached EGP10.7 bn by the end of March 2023, compared to EGP9.6 bn at the close of December 2022. Additionally, the bank recorded a total of EGP6.01 bn in direct loans during the same period.

The overall loans and facilities to customers increased by 13.73%, totaling EGP4.4 bn during the first quarter, raising the total portfolio value to EGP36.6 bn by the end of March 2023, compared to EGP32.1 bn reported at the end of December 2022.

Suez Cabal Bank also witnessed substantial growth in customer deposits, which surged by 14.83% during the first quarter of the current year, reaching EGP75.6 bn by the end of March 2023. This marked a substantial increase of EGP9.8 bn from EGP65.8 bn reported at the close of December 2022.

The bank's total assets experienced a noteworthy growth rate of 17.76% during the first quarter of the current year. The overall portfolio expanded from EGP74.7 bn at the end of December 2022 to EGP87.9 bn at the end of March 2023, representing a substantial increase of EGP13.3 bn.

Lastly, the bank reported an impressive 160.58% increase in net profits, amounting to an additional EGP154.6 mn. The bank achieved a net profit of EGP250.9 mn during the first quarter of 2023, compared to EGP96.3 mn during the same period in 2022.

The impressive growth figures signify a robust performance for Suez Canal Bank in the first quarter of 2023, reflecting positive developments in various financial indicators.