SC Bank grows by 42.93% on First Bank Composite Growth Index during H1-2023

The separate financial statements of Suez Canal Bank, which ended on June 30, 2023, revealed that SC Bank recorded a compound growth rate of 42.93% during the first half of Current year.

This rate was measured through a composite growth index developed by First Bank to measure the financial performance of banks with a single figure, in all branches of activity that include net profits, deposit, loan, and asset portfolios, during the period from January to June 2023.

The bank was able to achieve positive results in all 4 sub-indicators (net profits, deposit portfolio, loan portfolio, and asset portfolio), led by net profit that recorded a growth rate of 134.5% to record EGP 628.042 mn during H1- 2023, compared to EGP 267.832 mn at the same period of 2022, with an increase of EGP 360 mn.

In addition, Total Assets came in second place, Jumping EGP 87.1 bn by June 2023end, compared to EGP 74.7 bn at the end of 2022, achieving a growth rate of 16.70%, and an increase of EGP 12.5 bn.

Furthermore, The bank's customer deposit portfolio came in third place with a growth rate of 10.84% in H1-2023, to record EGP 72.9 bn by the end of June 2023, compared to EGP 65.8 bn by the end of 2022، with an increase of EGP 7.1 bn.

Total loans and facilities to customers surged with a growth rate of 9.67% during the first half of current year, bringing the total portfolio from EGP 32.1 bn at the end of December 2022 to reach EGP 35.2 bn by June 2023end, achieving an increase of EGP 3.1 bn.