Suez Canal Bank Tops listed Banks in Focusing on Corporate loans by the end of September 2023
First Bank
Suez Canal Bank has taken a keen interest in the institutional sector, as evidenced by the bank topping the "First Bank" list of the listed banks most focused on Corporate loans, with its financing for them receiving the highest relative weight, accounting for 90.20% of its total loans to customers.
It is worth noting that the bank kept its position, as it previously held first place on the "First Bank" list of listed banks most focused on Corporate loans at the end of 2022.
The bank's institutional financing portfolio increased by about 12%, with an increase of EGP 3.5 bn during the first 9 months of this year, reaching EGP 32.9 bn at the end of September 2023, up from EGP 29.4 bn at the end of 2022.
The total loans of the bank to customers climbed to EGP 36.5 bn at the end of September 2023, up from EGP 32.1 bn at the end of 2022, representing a 13.5% increase and an increase of EGP 4.3 bn.
Despite its focus on Corporates, Suez Canal Bank does not ignore the retail banking sector, where it is making tremendous progress, as indicated by the steady expansion of its portfolio of individual loans.
Financing for individuals of Suez Canal Bank increased by 30% to EGP 3.6 bn at the end of the third quarter of 2023, up from EGP 2.8 bn at the end of 2022, representing an increase of EGP 818 mn.
In addition, Suez Canal Bank has performed well since the beginning of the year, with net profits increasing by 84.7% to EGP 1.4 bn in the first 9 months of 2023, up from EGP 734.8 mn at the same time in 2022, representing an increase of EGP 622.2 mn.
The bank's asset portfolio expanded by around 23.5% during the first 9 months of the current year, reaching EGP 92.2 bn at the end of September 2023, up from EGP 74.7 bn at the end of December 2022, representing an increase of EGP 17.5 bn.
The bank's customer deposit portfolio climbed by approximately 14.15%, or EGP 9.3 bn, during the first 9 months of this year, reaching EGP 75.1 bn at the end of September 2023, up from EGP 65.8 bn at the end of December 2022.
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