SC Bank Corporate deposits acquire 80.1%, recording EGP 58.4 bn by June-2023 end
First Bank
The separate financial statements of Suez Canal Bank, ending on June 30th, 2023, revealed that corporate deposits portfolio has taken hold of 80.1% share of the total deposit portfolio during the first half of 2023.
Total corporate deposit portfolio within the bank experienced a growth rate of 10.25% during the first half of the current year, reaching EGP 58.4 bn by the end of June 2023 Compared to EGP 53 bn recorded at the close of December 2022.
Total retail deposit portfolio surged by 13.3% growth during the first half of the current year. This growth propelled retail deposits from EGP 12.8 bn at the close of December 2022 to EGP 14.5 bn by the end of June 2023, constituting 19.9% of the bank's deposit portfolio.
The escalation in the overall customer deposit portfolio can be attributed to EGP 5.4 bn surge in corporate deposits during the first half of 2023. Additionally, retail deposits increased by EGP 1.7 bn during the same period.
Moreover, savings and Deposit Certificates portfolio grew by 4.26% during the first half of the current year, rising from EGP 8.1 bn at the end of December 2022 to EGP 8.4 bn at the end of June 2023.
Savings Deposits portfolio also experienced growth, rising by 15.84% during the first half of the current year to reach EGP 2.7 bn at the end of June 2023, compared to EGP 2.3 bn at the end of December 2022.
