SC Bank Tops listed banks in focusing on financing corporates by June- 2023end
First Bank
Suez Canal Bank one of the listed banks, continued to show growing interest in the corporates, Topping First Bank list for listed banks most focused on corporate loans, as evidenced by the bank's figures, Its financing for corporate accounted for a relative weight of 91.5% from its total customer loans by end of H1-2023.
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 8.82%, reaching EGP 31.97 bn at the end of H1 2023, compared to EGP 29.38 bn at the end of 2022, with an increase of EGP 2.59 bn.
Total customer loans rose from EGP 32.14 bn at the end of 2022 to reach EGP 35.25 bn at the end of H1 2023, with a growth rate of 7.67% during the first 6 Months of current year and an increase of EGP 3.11 bn.
Despite the bank's significant focus on corporates, it does not overlook the importance of financing Retail, as financing for retail reached EGP 3.28 bn at the end of June 2023, compared to EGP 2.76 bn at the end of 2022, with a growth rate of 18.83%, and an increase of EGP 519.02 mn.
Overall, Suez Canal achieved a strong performance in the current year, as its net profits jumped to EGP 628.04 mn during the first 6 months of 2023, compared to EGP 267.83 mn during the same period in 2022, with an increase of EGP 360.21 mn.
In addition, Net fees and commissions Income increased by 173.50% recording EGP 391.39 mn during the first half of 2023, compared to EGP 143.11 mn during the same period in 2022, an increase of EGP 248.29 mn, to secure second place on First Bank list for fastest- growing listed Banks in terms of Net fees and commissions income during the first half of current year.
Deposit portfolio increased to record EGP 72.94 bn at the end of June 2023, compared to EGP 65.80 bn at the end of 2022, with a growth rate of 10.84% and an Increase of EGP 7.13 bn.
The bank also strengthened its asset portfolio, which grew to EGP 87.14 bn at the end of H1 2023, compared to EGP 74.67 bn at the end of 2022, with an increase of EGP 12.47 bn.
