Suez Canal Bank jumps by 34% on FirstBank Composite Growth Index At 9M-2023

The financial statements of Suez Canal Bank ending on September 30 of last year revealed that the bank achieved a compound growth rate of 34% during the first 9 months of 2023.

This rate was measured through a composite index developed by First Bank to measure the financial performance of banks with one number, at the level of all branches of activity that include net profits, asset portfolio, deposit portfolio, and loan and facility portfolio, during the first nine months of the current year.

The bank was able to achieve positive results in its four sub-indicators that make up the First Bank composite index for growth, led by the bank’s net profits, which formed the largest percentage in the growth of the bank’s activity by 85% to record EGP 1.36 bn during the first 9 months of 2023, compared to EGP735 mn during the same period of 2022, with an increase of EGP622 bn.

Total portfolio of the bank’s assets obtained the second contributor in this growth, as it increased by a growth rate of 23.5% during the first 9 months of the current year, to record EGP92.2 bn at the end of September 2023, compared to EGP 74.7 bn at the end of December 2022, with an increase of EGP17.5 bn.

Total portfolio of customer deposits at the bank contributed to this growth after it increased by a rate of 14.15% and an increase of EGP9.3bn during the first nine months of the current year, to record EGP75.1 bn at the end of September 2023, compared to EGP65.8 bn at the end of December 2022.

Total portfolio of customer loans and facilities also contributed to this growth, as the total portfolio jumped by a growth rate of 13.49% and an increase of EGP 4.3 bn during the first 9 months of 2023, to record EGP36.5 bn at the end of September 2023, compared to EGP32.1 bn at the end of December 2022.

It is worth noting that all the data mentioned in the analysis above are according to separate financial statements announced by each bank at the end of September 2023.