How Suez Canal Bank’s customer deposit portfolio distributed among different currencies

The financial statements of Suez Canal Bank, which ended on September 30 of the current year, revealed an increase in the portfolio of customer deposits of Suez Canal Bank by a growth rate of 14%, and an increase of EGP9.31 bn, during the first 9 months of 2023, to record a total portfolio of EGP75.12 bn by the end of September 2023, compared to EGP65.80 bn by the end of December 2022.

First Bank monitors the evolution achieved by the bank’s customer deposits portfolio in different currencies during the first 9 months of 2023.

Customer deposits in the local currency of Suez Canal Bank witnessed a marginal increase of about 2%, as it recorded EGP43.47 bn by the end of September 2023, compared to EGP42.77 bn by the end of December, an increase of EGP705 mn.

Customer deposits of Suez Canal Bank in EGP accounted for the largest share of the total customer deposits by a relative weight of about 57.9% by the end of September 2023.

On the level of customer deposits of the bank in foreign currencies, they witnessed a noticeable increase to grow by a rate of 37.4%, and an increase of about EGP8.61 bn, recording the equivalent of EGP31.64 bn by the end of September 2023, compared to the equivalent of EGP23.04 bn by the end of 2022.

As a result of this growth achieved by the bank’s customer deposits in foreign currencies, their relative weight increased to reach 42% of the total customer deposits of the bank by the end of the third quarter of 2023 compared to 35% by the end of December 2022 by an increase of about 7%.

The bank’s deposits in US dollars were the largest in size among deposits in foreign currencies, in addition to ranking second among the total bank deposits by a relative weight of 38.52%, to rise in value to the equivalent of EGP28.93 bn by the end of the third quarter of 2023, compared to the equivalent of EGP21.76 bn by the end of 2022, an increase of the equivalent of EGP7.17 bn, and a growth rate of 33%.

Customer deposits of Suez Canal Bank in Euro were the fastest growing, jumping by about 124%, and an increase of the equivalent of EGP1.44 bn, to reach the equivalent of EGP2.60 bn during the period from January to September of the current year, compared to the equivalent of EGP1.16 bn by the end of 2022.

Despite the rapid growth achieved by the portfolio, it still constitutes a small percentage of the total customer deposits of the bank by a relative weight of 3.46% by the end of the first 9 months of 2023.

As for customer deposits of the bank in pound sterling, they recorded the equivalent of EGP75.88 mn by the end of the third quarter of 2023, compared to the equivalent of EGP81.55 mn by the end of 2022.

On the level of customer deposits of the bank in other currencies, they rose by about 13.6%, to reach the equivalent of EGP35.45 mn by the end of September 2023, compared to the equivalent of EGP31.21 mn by the end of December 2022.

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