Suez Canal Bank's Customer Deposits Surge by 14.83% in Q1 2023, Distributed Among Different Currencies

In the first quarter of 2023, Suez Canal Bank witnessed a significant boost in customer deposits, cementing its position as a leading listed bank in Egypt. Under the strong leadership of Chairman and CEO Hussein Rifai and his team.

The bank achieved remarkable growth and secured the second position among Egyptian banks in terms of speed of expansion. This growth further bolstered its market share, continuing its impressive journey of success.

Total customer deposits at Suez Canal Bank rose from EGP 65.80 bn at the end of 2022 to EGP75.56 bn by the end of March 2023, registering a growth rate of 14.83% and an increase of EGP9.76 bn.

As a result, the bank's market share surged to 0.82% of the total deposits in the Egyptian banking sector by the end of Q1 2023, compared to 0.77% at the end of 2022, representing a 0.05% gain in its market share.

In light of this remarkable growth, First Bank analyzed the development of the bank's customer deposits in different currencies during Q1 2023 and the proportion of each currency within the bank's total portfolio.

Local Currency (EGP)

The Egyptian pound dominated the lion's share of the total customer deposits at the bank, accounting for 57.93%. The bank's Egyptian pound portfolio reached EGP43.77 bn by the end of March 2023, up by 2.34% from EGP42.77 bn at the end of 2022, marking an increase of EGP1 bn.

The bank maintained a market share of 0.6% in the Egyptian pound deposits market by the end of Q1 2023.

Foreign Currencies

The bank's portfolio of customer deposits in various foreign currencies soared by 38.01%, reaching the equivalent of EGP31.79 bn by the end of March 2023, compared to EGP23.03 bn at the end of 2022, representing an increase of EGP8.76 bn.

This surge boosted the bank's market share in this segment to 1.68% of the total foreign currency deposits in the Egyptian banking sector by the end of March 2023, up from 1.53% at the end of 2022.

Deposits in foreign currencies accounted for approximately 42.07% of the bank's total deposits by the end of Q1 2023.

Among foreign currencies, deposits in the US dollar showed the highest growth rate during the first 3 months of the current year, surging by approximately 38.43% to reach EGP30.12 bn by the end of March 2023, compared to the equivalent of EGP21.76 bn at the end of 2022, reflecting an increase of EGP8.36 bn.

Customer deposits in the US dollar accounted for 39.87% of the bank's total deposits by the end of March 2023.

The bank's portfolio of deposits in Euro rose to the equivalent of EGP1.55 bn by the end of Q1 2023, compared to the equivalent of EGP1.16 bn at the end of 2022, recording a growth rate of 33.26% and an increase of EGP386.13 mn.

Despite this growth, Euro deposits constituted a very small share of the bank's total deposits, standing at 2.05% by the end of Q1 2023.

Deposits in the pound sterling accounted for around 0.12% of the bank's total deposits, increasing to the equivalent of EGP87.10 mn by the end of March 2023, compared to the equivalent of EGP81.55 mn at the end of 2022, marking a growth rate of 6.81% and an increase of EGP5.55 mn.

As for customer deposits in other foreign currencies, they rose to the equivalent of EGP32.86 mn by the end of Q1 2023, compared to the equivalent of EGP31.21 mn at the end of 2022, recording an increase of EGP1.65 mn.