Suez Canal Bank’s Loans to Deposit ratio records 48.55% at Sep- 2023end

The financial statements of Suez Canal Bank, ending on September 30 of the previous year, revealed a relative stability in the loans to deposits ratio, recording 48.55% by the end of September 2023, compared to 48.84% by the end of December 2022.

The bank experienced development in its key indicators, with the deposit portfolio growing at a rate of 14.15%, reaching a value increase of around EGP9.31 bn in the first 9 months of the current year, totaling EGP75.12 bn by the end of September 2023, compared to EGP65.80 bn by the end of December 2022.

The bank increased credit issuance to its clients by approximately EGP4.33 bn during the first 9 months of the current year, with the total loan and facilitation for clients growing at a rate of 13.49%, reaching EGP36.47 bn by the end of September 2023, compared to 32.14 billion by the end of December 2022.

On the financial position front, the bank achieved a growth rate of 23.50%, with an increase of EGP17.54 bn in the first 9 months of the current year, recording total assets of around EGP92.21 bn by the end of September 2023, compared to EGP74.67 bn by the end of December 2022.

Suez Canal Bank’s net profits surged by 84.68%, with an increase of EGP 622.2 mn, registering EGP1.36 bn during the first 9 months of 2023, compared to EGP735 mn during the same period in 2022.