SC Bank grows by 46.4% on FirstBank composite growth index During 2023

The separate financial statements of Suez Canal Bank, which ended on December 31st of last year, revealed that the bank achieved a composite growth rate of 46.44% during 2023.

This growth rate was measured using a composite index developed by First Bank to assess the financial performance of banks comprehensively, including net profits, deposit portfolio, loan portfolio, and asset portfolio, during 2023.

EBank managed to achieve positive results across all its sub-indicators constituting First Bank composite growth index, led by its net profits, which saw the most significant growth at a rate of 120.51%, reaching EGP 2.293bn during 2023, compared to EGP 1.040 bn during 2022, with an increase of EGP 1.253 bn.

The bank's asset portfolio was the second contributor to the growth, rising by 38% and an increase of approximately EGP 28.3bn during 2023, reaching EGP 102.9bn by the end of December 2023, compared to EGP 74.7 bn by the end of December 2022.

Total customer loans was the third contributor to this growth, increasing by 15.49% during the last year, reaching EGP 37.1 bn by the end of December 2023, compared to EGP 32.1 bn by the end of December 2022, an increase of EGP 5 bn.

In addition, customer deposits surged by 11.92% during the last year, reaching EGP 73.6 bn by the end of December 2023, compared to EGP 65.8 bn by the end of December 2022, with an increase of EGP 7.8 bn.