SC Bank achieves strong performance in its financial Efficiency indicators At 9M-2023
First Bank
Suez Canal Bank improved its financial efficiency indicators during the first 9 months of 2023, This improvement was attributed under the leadership of CEO and Managing Director Hussein Rifai.
The following analysis reviews the bank's progress in financial efficiency indicators from January to September 2023.
The separate financial statements of Suez Canal Bank, ending on September 30, 2023, revealed that the bank achieved a return on average equity (ROE) of 21.98% during the first 9M- 2023, compared to 15.41% during the same period in 2022.
In addition, return on average assets (ROA) of the bank rose to 1.63% during the first 9 months of 2023, compared to 1.18% during the first 9 months of 2022.
The main reason for the increase in ROE and ROA is the bank's net profits grew with a growth rate of 85%, reaching EGP 1.357 bn during the first 9M- 2023, compared to EGP 735 mn during the same period in 2022, an increase of EGP 622mn
In terms of earnings per share, the bank recorded a growth rate of 85.1% during the period from January to September 2023, with the bank's share of net profits reaching about EGP 2.61 per share during the first 9 months of 2023, compared to EGP 1.41 during the same period in 2022.
It is worth mentioning that the bank achieved a growth of 25% in its Equity portfolio during the first 9M-2023, rising from EGP 5.50 bn at the end of December 2022 to reach EGP 6.85 bn at the end of September 2023, an increase of EGP1.35bn.
The bank's asset portfolio also increased by 24% during the first 9M of the last year, reaching EGP 92.21 bn at the end of September 2023, compared to EGP 74.67 bn at the end of December 2022, an increase of EGP 17.5 bn.
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